%0 Book
%8 11.01.2018
%M 9013152
%T Insurance, Redistribution, and the Inequality of Lifetime Income
%G Englisch
%D 2017
%P 40 S. : Anh.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.575026.de/dp1716.pdf
%+ Peter Haan, Daniel Kemptner, Victoria Prowse
%A Haan, Peter;Kemptner, Daniel;Prowse, Victoria;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In this paper, we study how the tax-and-transfer system reduces the inequality of lifetime income by redistributing lifetime earnings between individuals with different skill endowments and by providing individuals with insurance against lifetime earnings risk. Based on a dynamic life-cycle model, we find that redistribution through the tax-and-transfer system offsets around half of the inequality in lifetime earnings that is due to differences in skill endowments. At the same time, taxes and transfers mitigate around 60% of the inequality in lifetime earnings that is attributable to employment and health risk. Progressive taxation of annual earnings provides little insurance against lifetime earnings risk. The lifetime insurance effects of taxation may be improved by moving to a progressive tax on lifetime earnings. Similarly, the lifetime insurance and redistributive effects of social assistance may be improved by requiring wealthy individuals to repay any social assistance received when younger.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1716
%K D63;H23;I24;I38;J22;J31
%K Öffentliche Finanzen und Finanzwissenschaft;Lebenseinkommen;Sozialversicherung;Pflegeversicherung;Arbeitslosenversicherung;Soziale Ungleichheit;Risiko;Lebenszyklus;Externer Effekt;Sozialpolitik;Soziales und Gesundheit;Lohnniveau
%0 Book
%8 08.01.2018
%M 9013139
%T Collusive Benchmark Rates Fixing
%G Englisch
%D 2017
%P 40 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.574630.de/dp1715.pdf
%+ Nuria Boot, Timo Klein, Maarten Pieter Schinkel
%A Boot, Nuria;Klein, Timo;Schinkel, Maarten Pieter;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X The fixing of the Libor and Euribor benchmark rates has proven vulnerable to manipulation. Individual rate-setters may have incentives to fraudulently distort their submissions. For the contributing banks to collectively agree on the direction in which to rig the rate, however, their interests need to be sufficiently aligned. In this paper we develop cartel theory to show how an interbank lending rates cartel can be sustained by preemptive portfolio changes. Exchange of information facilitates front running that allows members to reduce conflicts in their trading books. Designated banks then engage in eligible transactions rigging to justify their submissions. As the cartel is not able to always find stable cooperative submissions against occasional extreme exposure values, there is episodic recourse to non-cooperative quoting. Periods of heightened volatility in the rates may be indicative of cartelization. Recent reforms to broaden the class of transactions eligible for submission may reduce the level of manipulation, but can lead to more frequent collusive quoting.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1715
%K E43;G14;G21;K21;L41
%K Geld und Finanzmärkte;Zins;Bank;Finanzmarkt;Kartellrecht;Monopol;Betriebswirtschaft und Unternehmensorganisation
%0 Book
%8 11.01.2018
%M 9013150
%T Project-Based Carbon Contracts: A Way to Finance Innovative Low-Carbon Investments
%G Englisch
%D 2017
%P 18 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.575021.de/dp1714.pdf
%+ Jörn Richstein
%A Richstein, Jörn;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Low and uncertain carbon prices are often stated as a major obstacle for industrial sector investments in technologies to deliver deep emissions reductions. Project-based carbon contracts underwritten by national governments could addressregulatory risk, lower financing costs and strengthen incentives for emission reductions at investment and operation stage. In this paper design options for project-based carbon contracts are assessed using an analytical model capturing risk aversion of investors with a meanvariance utility function. The model is also used to assess how a combination with grant support for innovative projects can minimize overall costs of innovation policy. Savings in financing costs are quantified using a stylized project finance cash flow analysis.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1714
%K D81;Q48;Q54;Q55;Q58;O38
%K Umwelt- und Ressourcenökonomik;Energieökonomik;Emissionshandel;Entscheidung;Technologie;Innovation;Umweltökonomik;Forschung und Entwicklung
%0 Book
%8 08.01.2018
%M 9013138
%T Modern Public Enterprises: Organisational Innovation and Productivity
%G Englisch
%D 2017
%P 40 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.574614.de/dp1713.pdf
%+ Caroline Stiel
%A Stiel, Caroline;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In advanced economies, state-owned enterprises play an important role in sectors of general interest such as energy and water supply. The conditions under which they operate have changed fundamentally since 1998, with new strategies required for firms to preserve market shares in the face of liberalisation and technological innovation. This paper investigates the productivity effect of three strategies in new public management: corporatisation, outsourcing, and partial privatisation. Firm-level productivity is estimated from production data using a control function approach. As most of the firms are typically multiproduct firms, we suggest a method for modelling differences in the product mix and to account for heterogeneous production environments. Using a newly constructed and unique dataset from the German Federal Statistical Office, we find that outsourcing and corporatisation positively impact productivity, while partial privatisation does not increase productivity.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1713
%K L32;D24;L24;L97
%K Betriebswirtschaft und Unternehmensorganisation;Öffentliche Unternehmen;Internationale Unternehmenskooperation;Außenwirtschaft und internationale Wirtschaftsbeziehungen;Versorgungswirtschaft
%0 Book
%8 21.12.2017
%M 9013113
%T Benchmarks for Emissions Trading – General Principles for Emissions Scope
%G Englisch
%D 2017
%P 23 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.574078.de/dp1712.pdf
%+ Vera Zipperer, Misato Sato, Karsten Neuhoff
%A Zipperer, Vera;Sato, Misato;Neuhoff, Karsten;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Greenhouse gas emission benchmarks are widely implemented as a policy tool, as more countries move to implement carbon pricing mechanisms for industrial emissions. In particular, benchmarks are used to determine the level of free allowance allocation in emission trading schemes, which are distributed as a measure to prevent carbon leakage. This paper analyses how benchmark designs impact firms’ production and business model decisions, particularly focusing on the coverage of direct and indirect emissions in the benchmark scope. We develop an analytical model and use the example of a steel mill to analyze and quantify how scope of indirect emissions coverage affect incentives. We seek to clarify generalized principles for efficient benchmark design, that provide a predictable policy framework for innovation and investment to decarbonize energy intensive industry.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1712
%K D04;H25;L51;L61;Q58
%K Umwelt- und Ressourcenökonomik;Energieökonomik;Emissionshandel;Mikroökonomik;Subvention;Regulierung;Metallindustrie;Umweltökonomik
%0 Book
%8 21.12.2017
%M 9013109
%T Dirty Money Coming Home: Capital Flows into and out of Tax Havens
%G Englisch
%D 2017
%P 39, 16 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.574066.de/dp1711.pdf
%+ Lukas Menkhoff, Jakob Miethe
%A Menkhoff, Lukas;Miethe, Jakob;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We use newly released bilateral locational banking statistics of the Bank for International Settlements to show the full circle of international tax evasion via tax havens. Surprisingly, white-washed money from tax havens is also withdrawn from banks in non-havens if an information treaty is signed between both countries. There are time lags and other economically plausible structures in these reactions. Interestingly, the effect of additional information-uponrequest treaties seems to fade out over time. By contrast, new treaties based on automatic information exchange again show bite; this puzzling evidence is best explained by dirty money changing its packaging.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1711
%K H26;F38
%K Öffentliche Finanzen und Finanzwissenschaft;Steuerkriminalität;Steuermoral;Finanzpolitik;Bankensystem;Bank
%0 Book
%8 21.12.2017
%M 9013114
%T Time-Consistent Carbon Pricing
%G Englisch
%D 2017
%P 18 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.574083.de/dp1710.pdf
%+ Olga Chiappinelli, Karsten Neuhoff
%A Chiappinelli, Olga;Neuhoff, Karsten;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In this paper we show that carbon pricing is subject to time-inconsistency and we investigate solutions to improve on the problem and restore the incentive for the private sector to invest in low-carbon innovation. We show that a superior price- investment equilibrium can be sustained in the long-term, if the policy-maker is enough forward looking and allowed to build reputation. In the short-term, time- inconsistency can be alleviated by complementing carbon pricing with project-based carbon price guarantees.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1710
%K C73;L51;O31;Q58
%K Umwelt- und Ressourcenökonomik;Regulierung;Energieökonomik;Treibhausgas;Emissionshandel;Preise
%0 Book
%8 19.12.2017
%M 9013095
%T Intergenerational Effects of Education on Risky Health Behaviours and Long-Term Health
%G Englisch
%D 2017
%P 57 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.573909.de/dp1709.pdf
%+ Mathias Huebener
%A Huebener, Mathias;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper estimates the causal effects of parental education on their children's risky health behaviours and health status. I study the intergenerational effects of a compulsory schooling reform in Germany after World War II. Implemented across federal states at different points in time, the reform increased the minimum number of school years from eight to nine. Instrumental variable estimates and difference-in-differences estimates reveal that increases in maternal schooling reduce children's probability to smoke and to be overweight in adolescence. The effects persist into adulthood, reducing chronic conditions that often result from unhealthy lifestyles. No such effects can be identified for paternal education. Increased investments in children's education and improvements in their peer environment early in life are important for explaining the effects. Changes in family income, family stability, fertility and parental health-related behaviours are less relevant empirically. The intergenerational effects of education on health and health-related behaviours exceed the direct effects. Studies neglecting the intergenerational perspective substantially understate the full causal effects.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1709
%K I12;I20
%K Soziales und Gesundheit;Gesundheitswesen;Bildung, Kultursektor, Non-Profit-Sektor;Gesundheitsrisiko
%0 Book
%8 18.12.2017
%M 9013089
%T Entitled Women – but Not Men – Make Tougher Strategic Demands as Proposers in the Ultimatum Game
%G Englisch
%D 2017
%P 41 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.573791.de/dp1708.pdf
%+ Elif E. Demiral, Johanna Mollerstrom
%A Demiral, Elif E.;Mollerstrom, Johanna;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In a laboratory experiment subjects are matched in pairs and interact in an Ultimatum Game. In the Entitlement treatment, the right to be the proposer is allocated to the personin the pair who performed better in a previously conducted math task. Compared to behavior in the control treatment, where the roles are randomly allocated, the proposers increase their strategic demands and offer a smaller share of the pie to the responder in the Entitlement treatment. This result is drivenentirely by female proposers; when earning their role, they significantly lower their offers, whereas male proposers do not behave differently than when roles are randomly allocated. This is in line with previous research suggesting that women are more sensitive to contextual factors and social cues, meaning that strengthening feelings of entitlement could be a way to decrease gender differences innegotiation behavior.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1708
%K Methodenforschung;Demographie und Bevölkerung;Experiment;Geschlecht;Frau;Mann;Verhaltensforschung;Spieltheorie
%0 Book
%8 12.12.2017
%M 9013050
%T Bayesian Inference for Structural Vector Autoregressions Identified by Markov-Switching Heteroskedasticity
%G Englisch
%D 2017
%P 37 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.573492.de/dp1707.pdf
%+ Helmut Lütkepohl, Tomasz Woźniak
%A Lütkepohl, Helmut;Woźniak, Tomasz;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In order to identify structural shocks that affect economic variables, restrictions need to be imposed on the parameters of structural vector autoregressive (SVAR) models. Economic theory is the primary source of such restrictions. However, only over-identifying restrictions can be tested with statistical methods which limits the statistical validation of many just-identified SVAR models. In this study, Bayesian inference is developed for SVAR models in which the structural parameters are identified via Markov-switching heteroskedasticity. In such a model, restrictions that are just-identifying in the homoskedastic case, become over-identifying and can be tested. A set of parametric restrictions is derived under which the structural matrix is globally identified and a Savage-Dickey density ratio is used to assess the validity of the identification conditions. For that purpose, a new probability distribution is defined that generalizes the beta, F, and compound gamma distributions. As an empirical example, monetary models are compared using heteroskedasticity as an additional device for identification. The empirical results support models with money in the interest rate reaction function.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1707
%K C11;C12;C32;E32
%K Methodenforschung;Zeitreihe;Zeitreihenanalyse;Ökonometrie;Methode;Konjunkturforschung;Konjunkturbewegung
%0 Book
%8 11.12.2017
%M 9013046
%T Steuer- und Abgabenreformen für die neue Legislatur: untere und mittlere Einkommen gezielt entlasten
%G Deutsch
%D 2017
%P 19 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.573277.de/dp1706.pdf
%+ Stefan Bach, Michelle Harnisch
%A Bach, Stefan;Harnisch, Michelle;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Haushalte mit unteren und mittleren Einkommen profitieren kaum von Senkungen des Einkommensteuertarifs oder vom Abbau des Solidaritätszuschlags. Zugleich führen schon moderate Entlastungen im Eingangsbereich des Steuertarifs oder beim „Mittelstandsbauch“ zu beträchtlichen Steuerausfällen und entlasten auch hohe Einkommen, soweit die Spitzensteuersätze nicht angehoben werden. Wenn die Steuerpolitik untere und mittlere Einkommen bei den Steuer- und Abgabenbelastungen wirksam entlasten will, muss sie die indirekten Steuern oder die Sozialbeiträge senken. Bei der Mehrwertsteuer könnte der ermäßigte Steuersatz auf Nahrungsmittel und öffentlichen Nahverkehr auf 5 Prozent reduziert werden. Ferner könnten Haushalte mit unteren und mittleren Einkommen bei den Sozialbeiträgen entlastet werden, entweder direkt durch einen Freibetrag oder indirekt durch einen teilweisen Abzug von der Einkommensteuer.
%X Low- and middle-income households barely benefit from cuts in personal income tax rates, or from the reduction in the solidarity surcharge. At the same time, even moderate reductions concentrated on low incomes or in the belly-shaped tax curve (Mittelstandsbauch) lead to considerable tax losses and also relieve high incomes, provided the top tax rates are not increased.If the tax policy aims to effectively relieve the tax burden of low- and middle-income households lower, it must reduce indirect taxes or social contributions. For VAT, the reduced rate on food and public transport could be reduced to 5 per cent. Furthermore, low and middle income households could be relieved from social security contributions, either directly through an allowance or indirectly through a partial income tax credit.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1706
%K H24;H22;D31
%K Öffentliche Finanzen und Finanzwissenschaft;Einkommensteuer;Steuerinzidenz;Einkommensverteilung;Private Haushalte und Familien;Deutschland ;Mittelschicht;Sondersteuer;Themenliste Zur Einkommenssituation privater Haushalte
%0 Book
%8 12.12.2017
%M 9013047
%T Patrilocal Residence and Female Labour Supply
%G Englisch
%D 2017
%P 44 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.573461.de/dp1705.pdf
%+ Andreas Landmann, Helke Seitz, Susan Steiner
%A Landmann, Andreas;Seitz, Helke;Susan Steiner;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Many people around the world live in patrilocal societies. Patrilocality prescribes that women move in with their husbands’ parents, relieve their in-laws from housework, and care for them in old age. This arrangement is likely to have labour market consequences, in particular for the women. We study the effect of co-residence on female labour supply in Kyrgyzstan, a strongly patrilocal setting. We account for the endogeneity of co-residence by exploiting the tradition that youngest sons usually live with their parents. In both OLS and IV estimations, the effect of co-residence on female labour supply is negative and insignificant. This is in contrast to previous studies, which found positive effects in less patrilocal settings. We go beyond earlier work by investigating effect channels. In Kyrgyzstan, co-residing women invest more time in elder care than women who do not co-reside and they do not receive parental support in child care or housework.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1705
%K J12;J21
%K Arbeit und Beschäftigung;Demographie und Bevölkerung;Private Haushalte und Familien;Ehe;Familie;Wohnstandort;Frauenerwerbstätigkeit;Kirgisien;Arbeitsangebot
%0 Book
%8 06.12.2017
%M 9013035
%T Decentralization and Public Procurement Performance: New Evidence from Italy
%G Englisch
%D 2017
%P 17 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.572775.de/dp1704.pdf
%+ Olga Chiappinelli
%A Chiappinelli, Olga;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We exploit a new dataset based on EU procurement award notices to investigate the relationship between the degree of centralization of public procurement and its performance. We focus on the case of Italy, where all levels of government, along with a number of other public institutions, are involved in procurement and are subject to the same EU regulation. We find that i) municipalities and utilities, which currently award the largest shares of contracts, perform worse than all other institutional categories; and ii) decentralization implies lower performance only when it comes with weak competences of procurement officials. The evidence seems to suggests that a re-organization of the procurement system, both in terms of partial centralization and better professionalization of procurement officials, would help improve overall procurement performance.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1704
%K H11;H57;H71;H77
%K Öffentliche Finanzen und Finanzwissenschaft;Europäische Union;Öffentliche Beschaffung;Dezentralisierung;Italien
%0 Book
%8 05.12.2017
%M 9013026
%T Persistence in the Cryptocurrency Market
%G Englisch
%D 2017
%P 17 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.572628.de/dp1703.pdf
%+ Guglielmo Maria Caporale, Luis Gil-Alana, Alex Plastun
%A Caporale, Guglielmo Maria;Gil-Alana, Luis A.;Plastun, Alex;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper examines persistence in the cryptocurrency market. Two different longmemory methods (R/S analysis and fractional integration) are used to analyse it in the case of the four main cryptocurrencies (BitCoin, LiteCoin, Ripple, Dash) over the sample period 2013-2017. The findings indicate that this market exhibits persistence (there is a positive correlation between its past and future values), and that its degree changes over time. Such predictability represents evidence of market inefficiency: trend trading strategies can be used to generate abnormal profits in the cryptocurrency market.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1703
%K C22;G12
%K Geld und Finanzmärkte;Internet;Zeitreihenanalyse;Finanzwirtschaft;Preispolitik;Kapitalmarkt;Währung;Virtuelle Währung
%0 Book
%8 30.11.2017
%M 9013002
%T Financial Literacy and Financial Behavior: Evidence from the Emerging Asian Middle Class
%G Englisch
%D 2017
%P 41 S.,VIII
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.572073.de/dp1702.pdf
%+ Antonia Grohmann
%A Grohmann, Antonia;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper analyses financial literacy and financial behavior of middle class people living in an urban Asian economy. Other than most papers on financial literacy that focus on people in developed countries, we surveyed people living Bangkok. Using standard financial literacy questions, we find that financial literacy levels are largely comparable to industrialized countries, but understanding of more advanced financial concepts is lower. Similarly, savings accounts are held by most people, but more sophisticated products are a lot less common. We further show, in line with the literature, that higher financial literacy leads to improved financial decision making.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1702
%K D14;G11;D91
%K Investition;Bildung, Kultursektor, Non-Profit-Sektor;Private Haushalte und Familien;Finanzlage;Asien;Konsumentenverhalten;Sparen;Mittelschicht
%0 Book
%8 28.11.2017
%M 9012987
%T US Monetary Policy and the Euro Area
%G Englisch
%D 2017
%P 59 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.571909.de/dp1701.pdf
%+ Max Hanisch
%A Hanisch, Max;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This study investigates the international spillover effects of contractionary US monetary policy and its transmission channels on members of the euro area (EA) before and after the implementation of the euro. I find the multilateral spillover effects on individual EA economies' real activity and inflation to be asymmetric, i.e. the responses are mainly expansionary but not exclusively so. While the effects are diverse and rather large before 1999, responses become more homogeneous and smaller in size after the implementation of the euro. However, country-specific asymmetries remain. Trade and interest rates but also credit, stock and housing markets are identified as important transmission channels.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1701
%K C32;E52;E58
%K Europäische Union;Eurozone;Geldpolitik;Geld und Finanzmärkte;USA;Zeitreihenanalyse;Zentralbank
%0 Book
%8 29.01.2018
%M 9013236
%T Nuclear Power in the Twenty-First Century: An Assessment (Part I)
%G Englisch
%D 2017
%P 44 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.575798.de/dp1700.pdf
%+ Christian von Hirschhausen
%A Hirschhausen, Christian von;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Nuclear power was one of the most important discoveries of the twentieth century, and it continues to play an important role in twenty-first century discussions about the future energy mix, climate change, innovation, proliferation, geopolitics, and many other crucial policy topics. This paper addresses some key issues around the emergence of nuclear power in the twentieth century and perspectives going forward in the twenty-first, including questions of economics and competitiveness, the strategic choices of the nuclear superpowers and countries that plan to either phase out or start using nuclear power, to the diffusion of nuclear technologies and the emergence of regional nuclear conflicts in the “second nuclear age”. The starting point for our hypothesis is the observation that nuclear power was originally developed for military purposes as the “daughter of science and warfare” (Lévêque 2014, 212), whereas civilian uses such as medical applications and electricity generation emerged later as by-products. Based upon this observation, we interpret the nuclear industry in terms of “economies of scope”, where strategies, costs, and benefits must be assessed in the multiproduct context of military and civilian uses of nuclear power. We propose a classification of different economic perspectives on nuclear electricity generation, and confirm the consensus of the literature that on its own, nuclear power has never been an economic method of producing electricity: not a single reactor in existence today was constructed by a private investor in a competitive, market economic framework. The economics-of-scope perspective is a useful heuristic to interpret countries’ strategic choices regarding the use of nuclear power. The paper provides a survey of strategies used by the nuclear superpowers (United States, Russia, China), by countries phasing out nuclear power because they cannot benefit from economies of scope (e.g., Italy, Spain, Germany, Sweden, Switzerland), and by potential newcomers who may expect synergies between military and civilian uses (e.g., Iran, the United Arab Emirates, Egypt, perhaps one day also Japan). We conclude that the future of nuclear power in the twenty-first century must be assessed in terms of economies of scope, and that a purely “economic” analysis of nuclear electricity is insufficient to grasp the complexity of the issue; this also raises conceptual challenges for energy modelers. The paper leaves out some important questions to be addressed in a future Part II of the assessment, such as economic and technical issues of plant decommissioning, long-term storage of waste, and the potential role of nuclear energy in climate policies.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1700
%K L52;L95;N7;Q48;Q54
%K Energieökonomik;Wettbewerbspolitik und Regulierung;Wirtschaftsgeschichte;Kernenergie;Kernenergiepolitik;Regierungspolitik;Klima;Geopolitik
%0 Book
%8 25.10.2017
%M 9012830
%T The Nexus of CO2 Emissions, Energy Consumption, Economic Growth, and Trade-Openness in WTO Countries
%G Englisch
%D 2017
%P 37 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.567676.de/dp1699.pdf
%+ Lars Sorge, Anne Neumann
%A Sorge, Lars;Neumann, Anne;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper analyzes the dynamic relationship between CO2 emissions, energy consumption, GDP, and trade-openness from 1971 to 2013, based on the Environmental Kuznets Curve (EKC) hypothesis for 70 WTO countries. Using recently developed secondgeneration panel data methods, the empirical results support the EKC hypothesis for the high-, middle-, and lower-income panels used. Concerning the energy consumption and economic growth nexus, the causality results support the conversion hypothesis for the high-income panel, whereas the neutrality hypothesis holds for the lower- and middle-income panels. Based on the causality results, trade-openness does not positively impact CO2 emissions, GDP leads CO2 emissions, and trade-openness causes energy consumption within any income panel. The net effect of economic growth, however, could help to stabilize future CO2 emissions within any income panel.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1699
%K Energieökonomik;Umwelt- und Ressourcenökonomik;Kohlendioxid;Energieverbrauch;Wirtschaftswachstum;Konjunktur, Wachstum, Wirtschaftsstruktur;Panel;Einkommensverteilung
%0 Book
%8 26.10.2017
%M 9012838
%T The Rising Longevity Gap by Lifetime Earnings: Distributional Implications for the Pension System
%G Englisch
%D 2017
%P 37 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.567751.de/dp1698.pdf
%+ Peter Haan, Daniel Kemptner, Holger Lüthen
%A Haan, Peter;Kemptner, Daniel;Lüthen, Holger;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This study uses German social security records to provide novel evidence about the heterogeneity in life expectancy by lifetime earnings and, additionally, documents the distributional implications of this earnings-related heterogeneity. We find a strong association between lifetime earnings and life expectancy at age 65 and show that the longevity gap is increasing across cohorts. For West German men born 1926-28, the longevity gap between top and bottom decile amounts to about 4 years (about 30%). This gap increases to 7 years (almost 50%) for cohorts 1947-49. We extend our analysis to the household context and show that lifetime earnings are also related to the life expectancy of the spouse. The heterogeneity in life expectancy has sizable and relevant distributional consequences for the pension system: when accounting for heterogeneous life expectancy, we find that the German pension system is regressive despite a strong contributory link. We show that the internal rate of return of the pension system increases with lifetime earnings. Finally, we document an increase of the regressive structure across cohorts, which is consistent with the increasing longevity gap.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1698
%K H55;I14;J11
%K Öffentliche Finanzen und Finanzwissenschaft;Demographie und Bevölkerung;Lebenserwartung;Rentenversicherung;Verteilung;Sozialversicherung;Rentenpolitik;Gesundheit;Soziale Ungleichheit;Demographie;Deutschland
%0 Book
%8 25.10.2017
%M 9012837
%T Capital Taxation and Government Debt Policy with Public Discounting
%G Englisch
%D 2017
%P 37 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.567703.de/dp1697.pdf
%+ Malte Rieth
%A Rieth, Malte;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper characterizes capital taxation and public debt policy in a quantitative macroeconomic model with an impatient government and uncertainty. The government has access to linear taxes on capital and labor, and to non-state-contingent bonds. Government impatience generates positive and empirically realistic longrun levels of both capital taxes and public debt. Prior predictive analysis shows that the simulated model matches the distribution of both variables in a sample of 42 countries, alongside other statistics. The paper then presents econometric evidence that countries with higher political instability, used as an approximation of unobservable public discount rates, have both higher capital taxes and debt.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1697
%K E62;H21;H63;C23
%K Öffentliche Finanzen und Finanzwissenschaft;Wirtschaftsordnung und Wirtschaftspolitik;Geldpolitik;Vermögensteuer;Makroökonomie;Makroökonomik
%0 Book
%8 20.10.2017
%M 9012800
%T A Simple Regulatory Incentive Mechanism Applied to Electricity Transmission Pricing and Investment
%G Englisch
%D 2017
%P 32 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.567334.de/dp1696.pdf
%+ Mohammad Reza Hesamzadeh, Juan Rosellón, Steven A. Gabriel, Ingo Vogelsang
%A Hesamzadeh, Mohammad Reza;Rosellón, Juan;Gabriel, Steven A.;Vogelsang, Ingo;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X The informationally simple approach to incentive regulation applies mechanisms that translate the regulator’s objective function into the firm’s profit-maximizing objective. These mechanisms come in two forms, one based on subsidies/taxes,the other based on constraints/ price caps. In spite of a number of improvements and a good empirical track record simple approaches so far remain imperfect. The current paper comes up with a new proposal, called H-R-G-V, which blends the two traditions and is shown to apply well to electricity transmission pricing and investment. In particular, it induces immediately optimal pricing/investment but is not based on subsidies. In the transmission application, the H-RG- V approach is based on a bilevel optimization with the transmission company (Transco) at the top and the independent system operator (ISO) at the bottom level. We show that HR- G-V, while not perfect, marks an improvement over the other simple mechanisms and a convergence of the two traditions. We suggest ways to deal with remaining practical issues of demand and cost functions changing over time.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1696
%K D24;L51;L94;Q40
%K Energieökonomik;Elektrizitätswirtschaft;Regulierung;Produktion;Elektrizitätsunternehmen
%0 Book
%8 19.10.2017
%M 9012795
%T Trends and Cycles in Macro Series: The Case of US Real GDP
%G Englisch
%D 2017
%P 23 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.567280.de/dp1695.pdf
%+ Guglielmo Maria Caporale, Luis A. Gil-Alana
%A Caporale, Guglielmo Maria;Gil-Alana, Luis A.;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In this paper we propose a new modelling framework for the analysis of macro series that includes both stochastic trends and stochastic cycles in addition to deterministic terms such as linear and non-linear trends. We examine four US macro series, namely annual and quarterly real GDP and GDP per capita. The results indicate that the behaviour of US GDP can be captured accurately by a model incorporating both stochastic trends and stochastic cycles that allows for somedegree of persistence in the data. Both appear to be mean-reverting, although the stochastic trend is nonstationary whilst the cyclical component is stationary, with cycles repeating themselves every 6 – 10 years.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1695
%K C22;E32
%K Geld und Finanzmärkte;Themenliste Geldpolitik;Themenliste Die Welt der Finanzmärkte;Volkswirtschaftliche Gesamtrechnung;Zeitreihenanalyse;Konjunkturbewegung
%0 Book
%8 19.10.2017
%M 9012794
%T The Day of the Week Effect in the Crypto Currency Market
%G Englisch
%D 2017
%P 19 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.567277.de/dp1694.pdf
%+ Guglielmo Maria Caporale, Alex Plastun
%A Caporale, Guglielmo Maria;Plastun, Alex;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper examines the day of the week effect in the crypto currency market using a variety of statistical techniques (average analysis, Student's t-test, ANOVA, the Kruskal- Wallis test, and regression analysis with dummy variables) as well as a trading simulation approach. Most crypto currencies (LiteCoin, Ripple, Dash) are found not to exhibit this anomaly. The only exception is BitCoin, for which returns on Mondays are significantly higher than those on the other days of the week. In this case the trading simulation analysis shows that there exist exploitable profit opportunities that can be interpreted as evidence against efficiency of the crypto currency market.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1694
%K G12;C63
%K Geld und Finanzmärkte;Themenliste Geldpolitik;Themenliste Die Welt der Finanzmärkte;Währung;Internet;Anlageverhalten;Kapitalmarkt;Simulation;Virtuelle Währung
%0 Book
%8 20.10.2017
%M 9012799
%T Information Asymmetries between Parents and Educators in German Childcare Institutions
%G Englisch
%D 2017
%P 38 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.567332.de/dp1693.pdf
%+ Georg F. Camehl, Pia S. Schober, C. Katharina Spiess
%A Camehl, Georg F.;Schober, Pia S.;Spieß, C. Katharina;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Economic theory predicts market failure in the market for early childhood education and care (ECEC) due to information asymmetries. We empirically investigate information asymmetries between parents and ECEC professionals in Germany, making use of a unique extension of the German Socio-Economic Panel Study (SOEP). It allows us to compare quality perceptions by parents and pedagogic staff of 734 ECEC institutions which were attended by children in SOEP households. Parents and staff were asked to rate the same quality measures. We detect considerable information asymmetries between these groups which differ across quality measures but little by parental socio-economic background or center characteristics. Our findings imply that information is not readily available to parents, an issue that should be addressed by policy-makers.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1693
%K J13;D82;I21
%K Demographie und Bevölkerung;Private Haushalte und Familien;Kinderbetreuung;Information;Eltern;Bildung, Kultursektor, Non-Profit-Sektor;Bildung;Bildungswesen;Deutschland
%0 Book
%8 18.10.2017
%M 9012791
%T Employment and Human Capital Investment Intentions among Recent Refugees in Germany
%G Englisch
%D 2017
%P 15 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.567199.de/dp1692.pdf
%+ Peter Haan, Martin Kroh, Kent Troutman
%A Haan, Peter;Kroh, Martin;Troutman, Kent;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Motivations to participate in the labour market as well as to invest in labour market skills are crucial for the successful integration of refugees. In this paper we use a unique dataset – the IAB-BAMF-SOEP Refugee Survey, which is a representative longitudinal study of all refugees reported on administrative records in Germany – and analyse which determinants and characteristics are correlated with high motivation and intention to participate in the labour market. We find that overall men have a strong intention to work and to invest in human capital. The result for women is different: among women, having children, lack of German language skills, and having no previous work experience significantly and consistently correlate with lower expectations and intentions of future economic integration. Furthermore, we find a significant relationship between the degree of traditional or patriarchal views of women’s societal roles, and our corresponding outcomes of interest.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1692
%K F22;J22;J24
%K Demographie und Bevölkerung;Arbeit und Beschäftigung;Flüchtlinge;Humankapital;Arbeitsmarkt;Integration;Investition;Deutschland
%0 Book
%8 10.10.2017
%M 9012755
%T Internet and Politics: Evidence from U.K. Local Elections and Local Government Policies
%G Englisch
%D 2017
%P 50 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.566566.de/dp1691.pdf
%+ Alessandro Gavazza, Mattia Nardotto, Tommaso Valletti
%A Gavazza, Alessandro;Nardotto, Mattia;Valletti, Tommaso;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We empirically study the effects of broadband internet diffusion on local election outcomes and on local government policies using rich data from the U.K. Our analysis suggests that the internet has displaced other media with greater news content (i.e., radio and newspapers), thereby decreasing voter turnout, most notably among less-educated and younger individuals. In turn, we find suggestive evidence that local government expenditures and taxes are lower in areas with greater broadband diffusion, particularly expenditures targeted at less-educated voters. Our findings are consistent with the idea that voters' information plays a key role in determining electoral participation, government policies and government size.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1691
%K D72;C50;L86
%K Politik;Politisches System;Ökonometrisches Modell;Medienwirtschaft, Telekommunikation, Informationswirtschaft;Internet;Informationsgesellschaft;Informationssystem;Informationsverbreitung;Medien;Wahlforschung;Wahlsystem;Wahlverhalten;Zeitung;Großbritannien;Demographie und Bevölkerung
%0 Book
%8 06.10.2017
%M 9012723
%T Hydrothermal Carbonization (HTC) of Green Waste: An Environmental and Economic Assessment of HTC Coal in the Metropolitan Region of Berlin, Germany
%G Englisch
%D 2017
%P 62 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.566218.de/dp1690.pdf
%+ Jakob Medick, Isabel Teichmann, Claudia Kemfert
%A Medick, Jakob;Teichmann, Isabel;Kemfert, Claudia;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Based on a life-cycle sustainability assessment and the calculation of carbon abatement costs, we quantify the greenhouse-gas emission reductions and costs if green waste in the metropolitan region of Berlin, Germany, is diverted from composting into the production of hydrothermally carbonized coal (HTC coal) that is used as a substitute for hard coal in the generation of electricity and heat. Depending on the geographical origin of the green waste, we specify an urban scenario, a rural-urban scenario, and a rural scenario. Approximately 302 kilogram (kg) of carbon-dioxide equivalents (CO2e) can be saved per megagram (Mg) of fresh-matter (FM) input in the urban scenario, 298 kg CO2e/Mg FM input in the rural-urban scenario, and 316 kg CO2e/Mg FM input in the rural scenario. All three scenarios combined can mitigate a total of 70,511 Mg CO2e per year. This corresponds to about 1.6% of Berlin’s annual greenhouse-gas reduction targets overthe 2005-2020 period. If only private costs are considered, the HTC scenarios are less profitable than their reference cases. However, the inclusion of emissionrelated damage costs has the potential to render them socially preferable. The respective thresholds for social desirability coincide with the carbon abatement costs, about 163 €/Mg CO2e in the urban scenario, 74 €/Mg CO2e in the rural-urban scenario, and 75 €/Mg CO2e in the rural scenario. The lower abatement costs in the latter two scenarios are due to HTC-coal co-firing in an existing power plant rather than mono-firing it in a newly built biomass power plant. This shows that a comparatively favorable use of HTC coal might be as a bridging technology.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1690
%K Q42;Q51;Q54
%K Energieökonomik;Umwelt- und Ressourcenökonomik;Energieressourcen;Themenliste Energiewende zu einer nachhaltigen Energieversorgung;Klima;Klimaschutz;Klimaveränderung;Umweltbelastung;Umwelt;Kohle;Erneuerbare Ressourcen;Bioenergie;Berlin;Berlin-Brandenburg
%0 Book
%8 28.09.2017
%M 9012693
%T Does the EU ETS Cause Carbon Leakage in European Manufacturing?
%G Englisch
%D 2017
%P 33 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.565609.de/dp1689.pdf
%+ Helene Naegele, Aleksandar Zaklan
%A Naegele, Helene;Zaklan, Aleksandar;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Carbon leakage is an issue of major interest in both academic and policy debates about the effectiveness of unilateral climate policy addressing global externalities. The debate is particularly salient in Europe, where the EU Emissions TradingSystem (EU ETS) covers emissions of many traded sectors. In a first step, we review how carbon leakage and the pollution haven effect are defined and identified in the literature. In a second step, we evaluate whether the emission cost introduced by the EU ETS has caused carbon leakage in European manufacturing. We compute trade flows in embodied carbon and value, using GTAP trade and input-output data and administrative data from the EU ETS. We evaluate theeffect of four measures of environmental stringency on both net trade flows and bilateral trade flows. We do not find evidence that the EU ETS has caused carbon leakage.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1689
%K F18;Q58;Q54
%K Außenwirtschaft und internationale Wirtschaftsbeziehungen;Internationaler Handel;Regierungspolitik;Energieökonomik;Klima;Kohlendioxid;Luftverunreinigung
%0 Book
%8 28.09.2017
%M 9012691
%T Reluctant to Reform? A Note on Risk-Loving Politicians and Bureaucrats
%G Englisch
%D 2017
%P 11 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.565600.de/dp1688.pdf
%+ Tobias Thomas, Moritz Heß, Gert G. Wagner
%A Thomas, Tobias;Heß, Moritz;Wagner, Gert G.;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X As from a political economy perspective, politicians often fail to implement structural reforms, we investigate if the resistance to reform is based on the differences in the risk preferences of voters, politicians, and bureaucrats. Based on the empirical results of a survey of the population in Germany, 175 members of the Federal German Parliament (Bundestag), and 106 officials (“bureaucrats”) from German ministries, this is not the case. Since both politicians and bureaucrats have a higher risk appetite than the general population, their risk preferences cannot be seen as an explanation for the resistance to structural reform. Hence, it must be caused by other reasons. These can be for instance – as public choice scholars argue – interventions by veto players, wars of attrition by powerful interest groups, or reform logjams initiated. However, another point of view could be that modern democracies are doing better than many believe. During times of populist campaigns, the election process can put forth candidates with very high risk appetites, but the constitutions of democracies turn out to be rather smart if hazardous actions and measures by political rookies and gamblers are inhibited by checks and balances.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1688
%K D71;D78;H11;H70;P16;Z13
%K Politiker;Politische Beteiligung;Entscheidung;Staat;Wirtschaftssoziologie;Wirtschaftsordnung und Wirtschaftspolitik;Neue Institutionenökonomik;Risikobereitschaft;Deutschland ;SOEP
%0 Book
%8 25.09.2017
%M 9012671
%T Does Quality of Early Childhood Education and Care Affect the Home Learning Environment of Children?
%G Englisch
%D 2017
%P 28 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.565109.de/dp1687.pdf
%+ Susanne Kuger, Jan Marcus, C. Katharina Spiess
%A Kuger, Susanne;Marcus, Jan;Spieß, C. Katharina;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Both, a high quality of the Early Childhood Education and Care (ECEC) setting and a high quality of the home learning environment foster children’s development. However, we know little about the interactions between ECEC quality and the home learning environment. We examine whether the child’s attendance in a high ECEC quality setting improves the quality of her home learning environment. We use very rich data from the NICHD Study of Early Child Care and Youth Development (SECCYD), which provides detailed panel information through children`s age of 6 months to 9 years on ECEC quality and on the child’s home learning environment. Our analysis is based on a sample of 700 children who have been in non-family child care for at least 10 hours/week. We estimate level and value-added specifications and show that ECEC quality improves the home learning environment at various measurement points. The effects sizes indicate that anincrease in ECEC quality by one standard deviation increases the home learning environment by about 0.08 standard deviations. Furthermore, results differ by sub-groups: The home learning environment from more advantaged children benefits more from higher ECEC quality. Thus the potential of high ECEC quality on the home learning environment is not effectively used for disadvantaged children. Policies could work on this potential link, in particular.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1687
%K J13;I20;I24
%K Demographie und Bevölkerung;Private Haushalte und Familien;Bildung, Kultursektor, Non-Profit-Sektor;Bevölkerungsökonomie;Familienökonomik;Kinder;Bildung
%0 Book
%8 19.09.2017
%M 9012651
%T Competition between For-Profit and Industry Labels: The Case of Social Labels in the Coffee Market
%G Englisch
%D 2017
%P 34 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.564886.de/dp1686.pdf
%+ Pio Baake, Helene Naegele
%A Baake, Pio;Naegele, Helene;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We model strategic interaction on a market where two labeling organizations compete and firms in duopoly decide which labels to offer. The incumbent label maximizes its own profit, and is challenged by an industry standard which maximizes industry profit. Using a nested logit, the result of this multi-stage game depends crucially on the degree of horizontal differentiation. Joint firm profit always increases with the introduction of the industry standard. The industry standard wants to segment the market and strategically distorts its label quality downwards, such that each firm specializes in a different label. Social welfare however increases with the number of labeled products. A policy imposing a minimum label quality is only binding in the case of strategic quality distortion by the industry standard.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1686
%K L15;D43;L13
%K Wettbewerbspolitik und Regulierung;Industrieökonomik;Oligopol;Markt;Marktstruktur;Preisbindung;Kaffeemarkt
%0 Book
%8 21.09.2017
%M 9012658
%T Abuse of Dominance and Antitrust Enforcement in the German Electricity Market
%G Englisch
%D 2017
%P 35 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.564994.de/dp1685.pdf
%+ Tomaso Duso, Florian Szücs, Veit Böckers
%A Duso, Tomaso;Szücs, Florian;Böckers, Veit;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In 2008, the European Commission investigated E.ON, a large and vertically integrated electricity company, for the alleged abuse of a joint dominant position by strategically withholding generation capacity. The case was settled after E.ON agreed to divest 5,000 MW generation capacity as well as its extra-high voltage network. We analyze the effect of these divestitures on German wholesale electricity prices. Our identification strategy is based on the observation that energy suppliers have more market power during peak periods when demand is high. Therefore, a decrease in market power should lead to convergence between peak and off-peak prices. Using daily electricity prices for the 2006 - 2012 period and controlling for cost and demand drivers, we find economically and statistically significant convergence effects after the implementation of the Commission’s decision. Furthermore, the price reductions appear to be mostly due to the divestiture of gas and coal plants, which is consistent with merit-order considerations. Placebo regressions support a causal interpretation of our results.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1685
%K K21;L41;L94
%K Energieökonomik;Recht;Kartellrecht;Kartelle;Monopol;Elektrizitätsunternehmen;Elektrizitätswirtschaft;Wettbewerbspolitik und Regulierung
%0 Book
%8 26.09.2017
%M 9012682
%T Financing Power: Impacts of Energy Policies in Changing Regulatory Environments
%G Englisch
%D 2017
%P 27 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.565302.de/dp1684.pdf
%+ Nils May, Karsten Neuhoff
%A May, Nils;Neuhoff, Karsten;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Power systems with increasing shares of wind and solar power generation have higher capital and lower operational costs than traditional technologies. This increases the importance of the cost of finance for total system cost. We quantify how renewable policy design can influence cost of finance by addressing regulatory risk and facilitating hedging. We use interview data on wind power financing costs from the EU and model how long-term contracts signed between project developers and energy suppliers impact financing costs in the context of green certificate schemes. Be- tween the policy regimes, the cost of renewable energy deployment differ by 30%.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1684
%K Q42;Q55;O38
%K Energieökonomik;Themenliste Energiewende zu einer nachhaltigen Energieversorgung;Umwelt- und Ressourcenökonomik;Umweltökonomik;Technologie;Innovation;Forschung und Entwicklung;Technischer Fortschritt;Regierungspolitik
%0 Book
%8 06.09.2017
%M 9012578
%T Media and Occupational Choice
%G Englisch
%D 2017
%P 46 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.563987.de/dp1683.pdf
%+ Alexander Konon, Alexander Kritikos
%A Konon, Alexander;Kritikos, Alexander S.;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We address the question of whether media influences occupational choices. To theoretically examine media effects, we construct a dynamic Bayesian occupational choice model with sequential decisions under ambiguity due to imperfect information. We show that sufficiently intensive positive media articles and reports about entrepreneurship increase the probability of self-employment and decrease the probability of wage work. To test our model, we use an instrumental variable approach to identify causal media effects using US micro data and a country-level macro panel with two different media variables. We find that an increase in positive media articles and reports about entrepreneurs generates effects on choice probabilities that are consistent with our model.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1683
%K D81;D83;J62;L26
%K Medienwirtschaft, Telekommunikation, Informationswirtschaft;Arbeit und Beschäftigung;Medien;Berufswahl;Unternehmer;Wahrscheinlichkeitsrechnung
%0 Book
%8 04.09.2017
%M 9012570
%T Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence
%G Englisch
%D 2017
%P 72 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.563910.de/dp1682.pdf
%+ Antonia Grohmann, Theres Klühs, Lukas Menkhoff
%A Grohmann, Antonia;Klühs, Theres;Menkhoff, Lukas;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X While financial inclusion is typically addressed by improving the financial infrastructure we show that financial literacy, representing the demand-side of financial markets, also has a beneficial effect. We study this effect at the cross-country level, which allows to consider institutional variation. Regarding “access to finance”, financial infrastructure and financial literacy are mainly substitutes. However, regarding the “use of financial services”, the effect of higher financial literacy strengthens the effect of more financial depth. The causal interpretation of these results is supported by IV-regressions. Moreover, the positive impact of financial literacy holds across income levels and several subgroups within countries.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1682
%K O1;G2;D14
%K Konjunktur, Wachstum, Wirtschaftsstruktur;Geld und Finanzmärkte;Private Haushalte und Familien;Finanzlage;Finanzpolitik;Finanzsektor;Finanzsystem;Wirtschaftsentwicklung
%0 Book
%8 04.09.2017
%M 9012574
%T Inference of Consumer Consideration Sets
%G Englisch
%D 2017
%P 48 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.563921.de/dp1681.pdf
%+ Anna Lu
%A Lu, Anna;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X When consumers face a large number of alternatives, they tend to simplify the decision problem by reducing the number of available alternatives to a subset of relevant alternatives, i.e. a consideration set. Since consideration sets are typically unobserved, most studies in the demand literature have to assume a consideration model. If these consideration models are misspecified, the demand estimates can be biased. In this paper, we develop an approach to formally test any two competing models of consideration against one another in order to determine which model fits the data best. Our test follows the intuition of a menu approach and uses supplemental data on marginal cost-shifters to construct overidentifying restrictions. We show an application to German retailing of coffee and milk. We find that consideration sets are fundamentally different for coffee and milk, and relate our findings to differences in demand and supply conditions of the two product categories.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1681
%K D12;L13;M31
%K Betriebswirtschaft und Unternehmensorganisation;Konsumenten;Konsumentenverhalten;Entscheidungstheorie;Oligopol;Marketing;Wettbewerbspolitik und Regulierung
%0 Book
%8 04.09.2017
%M 9012573
%T Consumer Stockpiling and Sales Promotions
%G Englisch
%D 2017
%P 42 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.563919.de/dp1680.pdf
%+ Anna Lu
%A Lu, Anna;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In retailing markets of storable goods, consumer behavior is typically characterized by stockpiling. While existing research has developed rich models for such strategic consumer behavior, little is known about how sellers should ideally respond to it. In this paper, we provide insights into how frequency and depth of promotions affect consumer purchases and seller revenues in the long run. We show an application to the U.S. market for laundry detergent. We use estimates from a structural dynamic demand model to simulate different pricing policies and find that in the detergent market, an increase in promotion depth is more effective than a change in promotion length. Our results suggest that this finding can be translated to markets with a large heterogeneity in storage costs and steady consumption rates.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1680
%K M31;D22;L11
%K Betriebswirtschaft und Unternehmensorganisation;Unternehmensorganisation;Marktstruktur;Preise;Wettbewerbspolitik und Regulierung
%0 Book
%8 24.08.2017
%M 9012527
%T The Effect of Partial Retirement on Labor Supply, Public Balances and the Income Distribution: Evidence from a Structural Analysis
%G Englisch
%D 2017
%P 46 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.563505.de/dp1679.pdf
%+ Songül Tolan
%A Tolan, Songül;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper develops a structural dynamic retirement model to investigate effects and corresponding underlying mechanisms of a partial retirement program on labor supply, fiscal balances, and the pension income distribution. The structural approach allows for disentangling the two counteracting mechanisms that drive the employment effects of partial retirement: 1) the crowding-out from full-time employment, and 2) the movement from early retirement or unemployment to partial retirement. It also allows for investigating the role of financial compensations in a partial retirement program. Based on a unique German administrative dataset, I perform counterfactual policy simulations that analyze the role of partial retirement combined with financial subsidies and an increased normal retirement age. The results show that partial retirement extends working lives but reduces the overall employment volume. The fiscal consequences of partial retirement are negative but substantially less so when wages and pensions in partial retirement remain uncompensated. Partial retirement decreases inequality in pension income and provides a way to smooth consumption especially for retirees in lower income deciles in the context of an increased normal retirement age.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1679
%K C61;J26;H55
%K Arbeit und Beschäftigung;Flexible Altersgrenze;Rentner;Einkommensverteilung;Sozialversicherung;Soziales und Gesundheit;Entscheidungstheorie
%0 Book
%8 07.08.2017
%M 9012463
%T Designing a Global Energy System Based on 100% Renewables for 2050: GENeSYS-MOD: An Application of the Open-Source Energy Modelling System (OSeMOSYS)
%G Englisch
%D 2017
%P 40 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.563040.de/dp1678.pdf
%+ Konstantin Löffler, Karlo Hainsch, Thorsten Burandt, Pao-Yu Oei, Claudia Kemfert, Christian von Hirschhausen
%A Löffler, Konstantin;Hainsch, Karlo;Burandt, Thorsten;Oei, Pao-Yu;Kemfert, Claudia;Hirschhausen, Christian von;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper develops a path for the global energy system up to 2050, presenting a new application of the open source energy systems model OSeMOSYS to the community. It allows quite disaggregate energy and emission analysis: GENeSYS-MOD (Global Energy System Model) uses a system of linear equations of the energy system to search for lowestcost solutions for a secure energy supply, given externally defined constraints, mainly in terms of CO2-emissions. The General Algebraic Modeling System (GAMS) version of OSeMOSYS is updated to the newest version and, in addition, extended and enhanced to include e.g. a modal split for transport, an improved trading system, and changes to storages. The model can be scaled from small-scale applications, e.g. a company, to cover the global energy system. The paper also includes an application of GENeSYS-MOD to analyze decarbonization scenarios at the global level, broken down into 10 regions. Its main focus is on interdependencies between traditionally segregated sectors: electricity, transportation, and heating. Model calculations suggests that in order to achieve the 1.5°-2° C target, a combination of renewable energy sources provides the lowest-cost solution, solar photovoltaic being the dominant source. Average costs of electricity generation in 2050 are about 4 €cents/kWh (excluding infrastructure and transportation costs).
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1678
%K C61;Q4;L9
%K Energieökonomik;Methodenforschung;Umwelt- und Ressourcenökonomik;Erneuerbare Ressourcen;Energiepolitik;Simulation;Ökonometrisches Modell
%0 Book
%8 04.08.2017
%M 9012460
%T Power-to-Heat for Renewable Energy Integration: Technologies, Modeling Approaches, and Flexibility Potentials
%G Englisch
%D 2017
%P 53 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.563007.de/dp1677.pdf
%+ Andreas Bloess, Wolf-Peter Schill, Alexander Zerrahn
%A Bloess, Andreas;Schill, Wolf-Peter;Zerrahn, Alexander;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Flexibly coupling power and heat sectors may contribute to both renewable energy integration and decarbonization. We present a literature review of modelbased analyses in this field, focusing on residential heating. We compare geographical and temporal research scopes and identify state-of-the-art analytical model formulations, particularly concerning heat pumps and thermal storage. While numerical findings are idiosyncratic to specific assumptions, a synthesis of results generally indicates that power-to-heat technologies can cost-effectively contribute to fossil fuel substitution, renewable integration, and decarbonization. Heat pumps and passive thermal storage emerge as particularly favorable options.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1677
%K C61;D62;Q42
%K Energieökonomik;Umwelt- und Ressourcenökonomik;Ökonometrisches Modell;Ökonometrie;Dynamisches Modell;Wohlfahrtseffekt;Externer Effekt;Energieressourcen;Themenliste Energiewende zu einer nachhaltigen Energieversorgung;Erneuerbare Ressourcen
%0 Book
%8 27.07.2017
%M 9012439
%T Status Inequality, Moral Disengagement and Violence
%G Englisch
%D 2017
%P 29 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.562709.de/dp1676.pdf
%+ Armin Falk
%A Falk, Armin;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper studies the causal effect of status differences on moral disengagement and violence. To measure violent behavior, in the experiment, a subject can inflict a painful electric shock on another subject in return for money. We exogenously vary relative status in the realm of sexual attractiveness. In three between-subject conditions, the assigned other subject is either of higher, lower or equal status. The incidence of electric shocks is substantially higher among subjects matched with higher- and lower-status others, relative to subjects matched with equal-status others. This causal evidence on the role of status inequality on violence suggests an important societal cost of economic and social inequalities.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1676
%K A13;C91;D03;Z13
%K Wirtschaftswissenschaft;Werte;Experiment;Laborversuche;Mikroökonomik;Soziales Netzwerk;Private Haushalte und Familien;Gewalt;Soziale Ungleichheit
%0 Book
%8 10.07.2017
%M 9012365
%T Towards an East German Wage Curve - NUTS Boundaries, Labour Market Regions and Unemployment Spillovers
%G Englisch
%D 2017
%P 30 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.561418.de/dp1675.pdf
%+ Reinhold Kosfeld, Christian Dreger
%A Kosfeld, Reinhold;Dreger, Christian;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X The relevance of spatial effects in the wage curve can be rationalized by the model of monopsonistic competition in regional labour markets. However, distortions in extracting the regional unemployment effects arise in standard regional (i.e. NUTS) classifications as they fail to adequately capture spatial processes. In addition, the nonstationarity of wages and unemployment is often ignored. Both issues are particularly important in high unemployment regimes like East Germany where a wage curve is difficult to establish. In this paper, labour market regions defined by economic criteria are used to examine the existence of an East German wage curve. Due to the nonstationarity of spatial data, a global panel cointegration approach is adopted. By specifying a spatial error correction model (SpECM), equilibrium adjustments are investigated in time and space. The analysis gives evidence on a locally but not a spatially cointegrated wage curve for East Germany.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1675
%K J30;J60;C33;R15
%K Arbeit und Beschäftigung;Mobilität;Arbeitslosigkeit;Arbeitsmarkt;Methodenforschung;Panel;Datenanalyse;Daten;Regionalwirtschaft und Infrastruktur;Regionalökonomik;Ökonometrisches Modell;Deutschland
%0 Book
%8 10.07.2017
%M 9012366
%T The Impact of Competition Policy Enforcement on the Functioning of EU Energy Markets
%G Englisch
%D 2017
%P 37 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.561436.de/dp1674.pdf
%+ Tomaso Duso, Jo Seldeslachts, Florian Szücs
%A Duso, Tomaso;Seldeslachts, Jo;Szücs, Florian;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We investigate the impact of competition policy enforcement on the functioning of European energy markets, and how sectoral regulation influences these outcomes. For this purpose, we compile a new dataset on the European Commission’s (EC) and EU member states’ competition policy decisions, and combine it with firm- and sector-level data. We find that EC merger policy has a positive and robust impact on (i) the level of competition; (ii) investment; and (iii) productivity. This impact, however, only shows up in low-regulated sectors. Other competition policy decisions – EC state aid and anti-trust interventions; as well as all individual Member State policy variables – do not have a uniform effect on energy markets’ functioning. Our findings are consistent with the idea that the EC’s merger policy actions have been used to overcome significant obstacles to a well-functioning EU energy sector and may well have shaped the overall development of gas and electricity markets in Europe.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1674
%K D24;L4;L98;Q4
%K Energieökonomik;Energiemarkt;Wettbewerbspolitik;Wettbewerbspolitik und Regulierung;Produktion;Europäische Union
%0 Book
%8 11.07.2017
%M 9012376
%T How Do Entrepreneurial Portfolios Respond to Income Taxation?
%G Englisch
%D 2017
%P 28 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.560936.de/dp1672.pdf
%+ Frank M. Fossen, Ray Rees, Davud Rostam-Afschar, Viktor Steiner
%A Fossen, Frank M.;Rees, Ray;Rostam-Afschar, Davud;Steiner, Viktor;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We investigate how personal income taxes affect the portfolio share of personal wealth that entrepreneurs invest in their own business. In a reformulation of the standard portfolio choice model that allows for underreporting of private business income to tax authorities, we show that a fall in the tax rate may increase investment in risky entrepreneurial business equity at the intensive margin, but decrease entrepreneurial investment at the extensive margin. To test these hypotheses, we use household survey panel data for Germany eliciting the personal wealth composition in detail in 2002, 2007, and 2012. We analyze the effects of personal income taxes on the portfolio shares of six asset classes of private households, including private business equity. In a system of simultaneous demand equations in first differences, we identify the tax effects by an instrumental variables approach exploiting tax reforms during our observation period. To account for selectioninto entrepreneurship, we use changes in entry regulation into skilled trades. Estimation results are consistent with the predictions of our theoretical model. An important policy insight is that lower taxes drive out businesses that are viable only due to tax avoidance or evasion, but increase investment in private businesses that are also worthwhile in the absence of taxes.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1673
%K H24;H25;H26;L26;G11
%K Öffentliche Finanzen und Finanzwissenschaft;Einkommensteuer;Geld und Finanzmärkte;Kapitalanlage;Unternehmer;Investition;Themenliste Die Welt der Finanzmärkte
%0 Book
%8 04.07.2017
%M 9012341
%T Choosing between Different Time-Varying Volatility Models for Structural Vector Autoregressive Analysis
%G Englisch
%D 2017
%P 33 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.560936.de/dp1672.pdf
%+ Helmut Lütkepohl, Thore Schlaak
%A Lütkepohl, Helmut;Schlaak, Thore;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X The performance of information criteria and tests for residual heteroskedasticity for choosing between different models for time-varying volatility in the context of structural vector autoregressive analysis is investigated. Although it can be difficult to find the true volatility model with the selection criteria, using them is recommended because they can reduce the mean squared error of impulse response estimates substantially relative to a model that is chosen arbitrarily based on the personal preferences of a researcher. Heteroskedasticity tests are found to be useful tools for deciding whether time-varying volatility is present but do not discriminate well between different types of volatility changes. The selection methods are illustrated by specifying a model for the global market for crude oil.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1672
%K C32
%K Methodenforschung;Zeitreihe;Zeitreihenanalyse;VAR-Modell
%0 Book
%8 03.07.2017
%M 9012332
%T Worries across Time and Age in Germany: Bringing Together Open- and Close-Ended Questions
%G Englisch
%D 2017
%P 27 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.560847.de/dp1671.pdf
%+ Julia M. Rohrer, Martin Bruemmer, Jürgen Schupp, Gert G. Wagner
%A Rohrer, Julia M.;Bruemmer, Martin;Schupp, Jürgen;Wagner, Gert G.;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We investigate how worries in Germany change across time and age, drawing on both closed-ended questions (which typically list a number of worry items) and open-ended questions answered in text format. We find that relevant world events influence worries. For example, worries about peace peaked in 2003, the year of the Iraq War, with a considerable number of respondents also referring to the Iraq war in their text responses. Furthermore, we found that – controlling for these historical effects – worries about various topics such as health and the general economic situation increase with age. With increasing age, respondents also became more likely to answer the open-ended question. This suggests that the age increases in worries we found are not merely a result of an age-biased choice of worry items, but instead also hold for worries self-generated by the respondents.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1671
%K C81;C83;I31;Z13
%K Daten;Mikroökonomik;Methodenforschung;Soziales und Gesundheit;Wohlfahrtsanalyse;Gesellschaft;Soziales Netzwerk;Lebenszufriedenheit;Deutschland
%0 Book
%8 16.06.2017
%M 9012241
%T Is Market Fear Persistent? A Long-Memory Analysis
%G Englisch
%D 2017
%P 20 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.560178.de/dp1670.pdf
%+ Guglielmo Maria Caporale, Luis A. Gil-Alana, Alex Plastun
%A Caporale, Guglielmo Maria;Gil-Alana, Luis A.;Plastun, Alex;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper investigates the degree of persistence of market fear. Specifically, two different long-memory approaches (R/S analysis with the Hurst exponent method and fractional integration) are used to analyse persistence of the VIX index over the sample period 2004-2016, as well as some sub-periods (pre-crisis, crisis and post-crisis). The findings indicate that its properties change over time: in normal periods it exhibits antipersistence (there is a negative correlation between its past and future values), whilst during crisis period the level of persistence is increasing. These results can be informative about the nature of financial bubbles and anti-bubbles, and provide evidence on whether there exist market inefficiencies.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1670
%K C22;G12
%K Geld und Finanzmärkte;Finanzmarkt;Themenliste Geldpolitik;Themenliste Die Welt der Finanzmärkte
%0 Book
%8 17.05.2017
%M 9012072
%T Stock Market Integration in Asia: Global or Regional? Evidence from Industry Level Panel Convergence Tests
%G Englisch
%D 2017
%P 29 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.558632.de/dp1669.pdf
%+ Guglielmo Maria Caporale, Kefei You
%A Caporale, Guglielmo Maria;You, Keifei;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper examines global and regional stock market integration in Asia at both the aggregate and disaggregate (industry) level by applying the Phillips-Sul (2007) tests for panel and club convergence. The main findings can be summarised as follows. In the pre-2008 crisis period, no integration/convergence of any kind is found. By contrast, in the post-crisis period, the Asian stock markets appear to be integrated both globally and regionally at the aggregate level; at the industry level, there is evidence of both global and regional integration in 6 out of 10 cases, the exceptions being Financials and Telecommunication, both in a turn-around phase, and Gas & Oil and Technology, for which there is no panel convergence. Club convergence tests reveal the existence of convergence clubs and divergent economies within the full panel, which explains why panel convergence is not found for the pre-crisis period and for the Gas & Oil and Technology sectors in the post-crisis period.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1669
%K C32;C33;G11;G15
%K Geld und Finanzmärkte;Finanzmarkt;Aktienmarkt;Themenliste Die Welt der Finanzmärkte;Asien;Finanzmarktkrise;Welt
%0 Book
%8 17.05.2017
%M 9012071
%T Global and Regional Financial Integration in Emerging Asia: Evidence from Stock Markets
%G Englisch
%D 2017
%P 31 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.558618.de/dp1668.pdf
%+ Guglielmo Maria Caporale, Luis A. Gil-Alana, Kefei You
%A Caporale, Guglielmo Maria;Gil-Alana, Luis A.;You, Keifei;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper employs a price-based measure of integration, namely stock return differentials between ten emerging Asian economies and the US (as an indicator of global integration), as well as Japan and the Asian region (as two alternative indicators of regional integration), to test for mean reversion and draw inference on financial integration. It makes a three-fold contribution: it uses not only aggregate but also industry level data on stock returns; it examines the impact of the 2008 crisis; it employs a fractional integration approach to investigate the issues of interest. The evidence suggests that in emerging Asia there is more regional than global integration, and that the former has become even stronger in the post- 2008 crisis period.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1668
%K F31;C22;C32
%K Geld und Finanzmärkte;Finanzmarkt;Themenliste Geldpolitik;Themenliste Die Welt der Finanzmärkte;Asien;Schwellenländer;Finanzmarktkrise;Welt
%0 Book
%8 16.05.2017
%M 9012069
%T Testing the Fisher Hypothesis in the G-7 Countries Using I(d) Techniques
%G Englisch
%D 2017
%P 18 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.558540.de/dp1667.pdf
%+ Guglielmo Maria Caporale, Luis A. Gil-Alana
%A Caporale, Guglielmo Maria;Gil-Alana, Luis A.;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper revisits the Fisher hypothesis by estimating fractional integration and cointegration models that are more general than the standard ones based on the classical I(0)/I(1) dichotomy. Two sets of results are obtained under the alternative assumptions of white noise and Bloomfield (1973) autocorrelated errors respectively. The univariate analysis suggests than the differencing parameter is higher than 1 for most series in the former case, whilst the unit root null cannot be rejected for the majority of them in the latter case. The multivariate results imply that there exists a positive relationship, linking nominal interest rates to inflation; however, there is no evidence of the full adjustment of the former to the latter required by the Fisher hypothesis.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1667
%K C22;C32;E43
%K Geld und Finanzmärkte;Methodenforschung;Themenliste Geldpolitik;Themenliste Die Welt der Finanzmärkte;G7-Staaten;Zeitreihenanalyse
%0 Book
%8 28.04.2017
%M 9012006
%T Where Is the Consumer Center of St. Petersburg?
%G Englisch
%D 2017
%P 35 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.557093.de/dp1666.pdf
%+ Konstantin A. Kholodilin, Irina Krylova, Darya Kryutchenko
%A Kholodilin, Konstantin A.;Krylova, Irina;Kryutchenko, Darya;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In an urban economy, the distribution of people and real estate prices depends on the location of the central business district of a city. As distance from the city center increases, both prices and population density diminish, for travel costs increase in terms of time and money. As manufacturing gradually leaves the cities, the importance of consumer amenities as attractors of population to the urban areas increases. The role of a business center is being replaced by the consumer center. In this paper, we identify the location of the consumer center of St. Petersburg - the second largest city in Russia and its former capital. For this purpose using the data from open sources in the Internet regarding the location of many different types of urban amenities, the indices of their spatial density are computed. Using the weights based on coefficients of spatial variation and survey-based weights, the individual indices are aggregated to two general centrality indices. Their unique maxima correspond to the city center of St. Petersburg, which is located on Nevsky prospekt, between Fontanka river and Liteinyi prospekt.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1666
%K R14;R15;C43
%K Bauen und Wohnen;Stadtökonomik;Regionalökonomik;Bodennutzung;Bodennutzungsstatistik;Bodenökonomik;Ökonometrisches Modell;Verteilung;Methodenforschung;Regionalwirtschaft und Infrastruktur;Sowjetunion;Sankt-Petersburg;Stadt
%0 Book
%8 02.05.2017
%M 9012011
%T Reading between the Lines: Using Media to Improve German Inflation Forecasts
%G Englisch
%D 2017
%P 19 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.557171.de/dp1665.pdf
%+ Benjamin Beckers, Konstantin A. Kholodilin, Dirk Ulbricht
%A Beckers, Benjamin;Kholodilin, Konstantin A.;Ulbricht, Dirk;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In this paper, we examine the predictive ability of automatic and expert-rated media sentiment indicators for German inflation. We find that sentiment indicators are competitive in providing inflation forecasts against a large set of common macroeconomic and financial predictors. Sophisticated linguistic sentiment algorithms and business cycle news rated by experts perform best and are superior to simple word-count indicators and autoregressive forecasts.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1665
%K C53;E31;E37
%K Konjunktur, Wachstum, Wirtschaftsstruktur;Methodenforschung;Ökonometrisches Modell;Ökonometrie;Prognose;Inflation;Preisniveau;Simulation;Medien;Geld und Finanzmärkte
%0 Book
%8 15.05.2017
%M 9012060
%T A Retrospective Evaluation of the GDF/Suez Merger: Effects on Gas Hub Prices
%G Englisch
%D 2017
%P 35 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.558434.de/dp1664.pdf
%+ Elena Argentesi, Albert Banal-Estanol, Jo Seldeslachts, Meagan Andrews
%A Argentesi, Elena;Banal-Estanol, Albert;Seldeslachts, Jo;Andrews, Meagan;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We present an ex-post analysis of the effects of GDF’s acquisition of Suez in 2006 created one of the world’s largest energy companies. We perform an econometric analysis, based on Difference-in-Difference techniques on the market for trading on the Zeebrugge gas hub in Belgium. Removing barriers to entry and facilitating access to the hub through ownership unbundling were an important part of the objectives of the remedies imposed by the European Commission. Our analysis shows a price decline after the merger. This decline suggests the remedies were effective in limiting the potential anti-competitive effects of the merger. Moreover, it suggests that ownership unbundling has generated improved access to the hub. Therefore, the remedies may have done more than simply mitigate the potential anticompetitive effects of the merger; they may have effectively created competition.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1664
%K L4;Q4
%K Wettbewerbspolitik und Regulierung;Industrieökonomik;Kartell;Energieökonomik;Gas;Gaswirtschaft;Preise;Fusion
%0 Book
%8 26.04.2017
%M 9012001
%T Distributed Photovoltaic Power Generation: Possibilities, Benefits, and Challenges for a Widespread Application in the Mexican Residential Sector
%G Englisch
%D 2017
%P 32 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.556876.de/dp1663.pdf
%+ Pedro I. Hancevic, Hector M. Nunez, Juan Rosellón
%A Hancevic, Pedro I.;Nunez, Hector M.;Rosellón, Juan;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Mexico plans to implement a national program to support the adoption of distributed photo-voltaic generation (DPVG) among qualified households. The main objectives of such a program would be to reduce the burden of the substantial federal energy subsidy and increase the share of renewable energy sources used to generate electricity. In this paper we assess the current conditions under which the Mexican residential electricity sector operates, and quantify the potential effects that the massive adoption of DPV systems would have on household expenditure and welfare, subsidy reduction, pollution and water resource usage. Based on the positive results in terms of both economic and environmental effects, our paper provides a significant support for further design and implementation of a DPVG program.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1663
%K Q28;Q42;Q53
%K Energieökonomik;Umwelt- und Ressourcenökonomik;Erneuerbare Ressourcen;Solaranlage;Elektrizitätswirtschaft;Bauen und Wohnen;Wohnungsmarkt;Luftverunreinigung;Energieverbrauch der Haushalte;Energiepolitik;Mexiko
%0 Book
%8 25.04.2017
%M 9011994
%T Why Do Women Favor Same-Gender Competition? Evidence from a Choice Experiment
%G Englisch
%D 2017
%P 46 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.556668.de/dp1662.pdf
%+ Norma Burow, Miriam Beblo, Denis Beninger, Melanie Schröder
%A Burow, Norma;Beblo, Miriam;Beninger, Denis;Schröder, Melanie;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper addresses the behavioral puzzle of women’s preference for competition when competitors are also women. Using a framed field experiment with 883 non-standard subjects, we show that none of the determinants of competitive behavior in general, including ability, self-confidence and risk aversion, provide a satisfying explanation for women’s substantive gender-related selection into competition. Nonetheless, women who are overconfident, i.e. over-estimate own abilities in performing a task, enter competition regardless of the gender-mix. Hence, the gender-pairing phenomenon is driven by women who correctly estimate or under-estimate own ability. We concluded that this is due to stereotypes about women’s underperformance compared to men.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1662
%K C99;D83;J16
%K Ökonometrie;Methode;Experiment;Methodenforschung;Mikroökonomik;Information;Wissen;Geschlechterforschung;Bevölkerungsökonomie;Demographie und Bevölkerung;Private Haushalte und Familien
%0 Book
%8 20.04.2017
%M 9011981
%T Long Term Growth Perspectives in Japan and the Euro Area
%G Englisch
%D 2017
%P 20 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.556499.de/dp1661.pdf
%+ Christian Dreger
%A Dreger, Christian;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Euro area countries and Japan are confronted with similar challenges. Potential output is on a falling trend in the euro area, and the decrease started well before the financial crisis. In Japan, low output growth is a striking feature since many years, despite the unconventional monetary policy stance and massive fiscal stimulus programs provided by the government. According to a growth accounting exercise based on a Cobb-Douglas production function, the development in both economies can be traced to a weak evolution of TFP. Weak capital deepening is detected especially in the euro area. Driven by high uncertainty with regard to the business cycle, the willingness of firms to undertake investment is only modest and constitutes the achilles heel for a smooth recovery. Both economies are not well prepared to manage the demographic challenges caused by an elderly population. Given that debt-to-GDP ratios are already at record heights, the scope for further demand driven policies is rather limited, especially in Japan. Instead, structural reforms are on the agenda to promote long run growth and a smooth development of the global economy.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1661
%K O40;E60;J11
%K Konjunktur, Wachstum, Wirtschaftsstruktur;Wirtschaftswachstum;Makroökonomik;Geldpolitik;Volkswirtschaftliche Gesamtrechnung;Japan;Eurozone
%0 Book
%8 18.04.2017
%M 9011971
%T The Hukou Impact on the Chinese Wage Structure
%G Englisch
%D 2017
%P 18 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.556351.de/dp1660.pdf
%+ Christian Dreger, Yanqun Zhang
%A Dreger, Christian;Zhang, Yanqun;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Faster urbanization plays a key role in the Chinese economic transformation. However, at the Lewis turning point, the hukou institution constitutes a serious risk to the process, as it restricts the access of migrants to public services offered by cities. To attract further migration, firms started to accept a premium on top of the wage. Thus, the social discrimination introduced by the hukou system is partially compensated by the reactions of market participants, as migrant workers receive additional pay. Based on huge cross sections of private households, this paper provides insights into the size and the evolution of the wage premium. After controlling for standard wage determinants, such as sex, education, experience and ownership of firms, we find that the premium amounts to 7 percent of the hourly wage. Because of the premium, the share of non-wage labor costs is on the rise, especially for low-skilled migrants. To avoid further distortions and reduce inefficiencies, the hukou status should be unified. Migrants should obtain urban hukou as long as they live in cities. They should keep their land use rights when they are in the rural areas. Otherwise, the system could constitute a significant barrier for further urbanization. The removal of institutional bias could restore the link between wages and productivity and improve the allocation of labor.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1660
%K J30;R23;C23
%K Arbeit und Beschäftigung;Einkommen;Lohn;Vergütungssystem;Private Haushalte und Familien;Regionaler Arbeitsmarkt;Regionale Mobilität;Ökonometrisches Modell;Panel;Außenwirtschaft und internationale Wirtschaftsbeziehungen;China
%0 Book
%8 20.04.2017
%M 9011977
%T A Spatial Electricity Market Model for the Power System of Kazakhstan
%G Englisch
%D 2017
%P 25 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.556477.de/dp1659.pdf
%+ Makpal Assembayeva, Jonas Egerer, Roman Mendelevitch, Nurkhat Zhakiyev
%A Assembayeva, Makpal;Egerer, Jonas;Mendelevitch, Roman;Zhakiyev, Nurkhat;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Kazakhstan envisions a transition towards a green economy in the next decades which poses an immense challenge as the country heavily depends on (hydro-)carbon resources, for both its economy and its energy system. In this context, there is a lack of comprehensive and transparent planning tools to assess possible sustainable development pathways in regard to their technical, economic, and environmental implications. We present such a tool with a comprehensive techno-economic model of the Kazakh electricity system which determines the hourly least-cost generation dispatch based on publicly available data on the technical and economic characteristics of power plants and the transmission infrastructure. This modeling framework accounts for the particularities of the Kazakh electricity system: i) it has a detailed representation of combined heat and power, and ii) line losses are endogenously determined using a linear approximation. Model results are examined for a typical winter week (with annual peak load) and a typical summer week (with the hour of lowest annual load) presenting regionally and temporally disaggregated results for power generation, line utilization, and nodal prices. In an application to market design, the paper compares nodal and zonal pricing as two possible pricing schemes in Kazakhstan for the envisioned strengthening of the day-ahead market. In general, the model can be readily used to analyze the least-cost dispatch of the current Kazakh electricity system and can be easily expanded to assess the sector's development. Among others, possible applications include investment in transmission lines and in the aging power plant fleet, scenarios and policy assessment for emission reduction, and questions of market liberalization and market design.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1659
%K C61;D47;Q41
%K Energieökonomik;Umwelt- und Ressourcenökonomik;Elektrizitätswirtschaft;Angebot;Nachfrage;Energieversorgung;Kasachstan
%0 Book
%8 13.04.2017
%M 9011963
%T Do Women in Highly Qualified Positions Face Higher Work-To-Family Conflicts in Germany than Men?
%G Englisch
%D 2017
%P 30 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.556301.de/dp1658.pdf
%+ Anne Busch-Heizmann, Elke Holst
%A Busch-Heizmann, Anne;Holst, Elke;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Changing employment conditions lead to new chances, but also new risks for employees. In the literature, increasing permeability between occupational and private life is discussed as one special outcome of this development that employees must face, especially those in highly qualified positions. Drawing on existing research, we investigate in how far women and men in those positions differ in their perceived work-to-family conflicts (WFC), considering the mediating role of gender specific job opportunities. Referring conflicting theoretical arguments, we hypothesize that in Germany - as a conservative welfare state - women, especially those with family responsibilities, will perceive higher WFC than men in those positions. Our analysis is based on data from the German Socio-Economic Panel Study (SOEP). Using the Siegrist instrument on effort-reward imbalance we find that women in highly qualified positions perceive higher WFC than men. This association is explained by women’s lower willingness to take risks, and also party explained by lower job rewards women receive. It gets visible even more strongly if women’s lower time-based burdens in the job are controlled for. Mixed results are observed concerning associations between family responsibilities and WFC, which is in line with ambivalent results in the literature.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1658
%K I3;B54;M1
%K Arbeit und Beschäftigung;Demographie und Bevölkerung;Private Haushalte und Familien;Themenliste Frauen im Erwerbsleben;Geschlecht;Führungskräfte;Frauenerwerbstätigkeit;Panel;Familiensoziologie;Zeitallokation;Deutschland
%0 Book
%8 10.04.2017
%M 9011954
%T Fathers, Parental Leave and Gender Norms
%G Englisch
%D 2017
%P 27 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.555916.de/dp1657.pdf
%+ Ulrike Unterhofer, Katharina Wrohlich
%A Unterhofer, Ulrike;Wrohlich, Katharina;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Social norms and attitudes towards gender roles have been shown to have a large effect on economic outcomes of men and women. Many countries have introduced policies that aim at changing gender stereotypes, for example fathers’ quota in parental leave schemes. In this paper, we analyze whether the introduction of the fathers’ quota in Germany in 2007, that caused a sharp increase in the take-up of parental leave by fathers, has changed the attitudes towards gender roles in the grandparents’ generation. To this end, we exploit the quasi-experimental setting of the 2007 reform and compare grandparents whose son had a child born before the 2007 reform to grandparents whose son had a child born after it. Our results suggest that such policy programs not only induce direct behavioral responses by the target group but also have indirect effects on non-treated individuals through social interaction and can thus change attitudes towards gender roles in a society as a whole.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1657
%K J16;J18;J22;H31;D13
%K Arbeit und Beschäftigung;Arbeitsmarkt;Arbeitsmarktdiskriminierung;Private Haushalte und Familien;Geschlechterforschung;Geschlecht;Zeitallokation;Arbeitsangebot;Haushaltsproduktion;Mikroökonomik;Demographie und Bevölkerung;Väter
%0 Book
%8 10.04.2017
%M 9011956
%T Balancing Reserves within a Decarbonized European Electricity System in 2050: From Market Developments to Model Insights
%G Englisch
%D 2017
%P 25 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.555928.de/dp1656.pdf
%+ Casimir Lorenz
%A Lorenz, Casimir;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Abstract This paper expands the discussion about future balancing reserve provision to the long-term perspective of 2050. Most pathways for a transformation towards a decarbonized electricity sector rely on very high shares of fluctuating renewables. This can be a challenge for the provision of balancing reserves, although their influence on the balancing cost is unclear. Apart from the transformation of the generation portfolio, various technical and regulatory developments within the balancing framework might further influence balancing costs: i) dynamic dimensioning of balancing reserves, ii) provision by fluctuating renewables or new (battery) storage technologies, and iii) exchange of balancing reserves between balancing zones. The first part of this paper discusses and transforms these developments into quantitative scenario definitions. The second part applies these scenarios to dynELMOD (dynamic Electricity Model), an investment model of the European electricity system that is extended to include balancing reserve provision. In contrast to other models applied in most papers on balancing reserves, this model is capable of evaluating the interdependencies between developments in balancing reserve provision and high shares of fluctuating renewables jointly. The results show that balancing reserve cost can be kept at current levels for a renewable electricity system until 2050, when using a dynamic reserve sizing horizon. Apart from the sizing horizon, storage capacity withholding duration and additional balancing demand from RES are the main driver of balancing costs. Renewables participation in balancing provision is mainly important for negative reserves, while storages play an important role for the provision of positive reserves. However, only on very few occasions, additional storage investments are required for balancing reserve provision, as most of the time sufficient storage capacities are available in the electricity system.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1656
%K Q42;Q47;Q48;C61;L94
%K Energieökonomik;Umwelt- und Ressourcenökonomik;Elektrizitätswirtschaft;Europa;Rückstellung;Themenliste Die Zukunft der Braunkohle;Sektorübergreifende Klimapolitiken;Erneuerbare Ressourcen
%0 Book
%8 10.04.2017
%M 9011955
%T Wind Providing Balancing Reserves: An Application to the German Electricity System of 2025
%G Englisch
%D 2017
%P 39 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.555924.de/dp1655.pdf
%+ Casimir Lorenz, Clemens Gerbaulet
%A Lorenz, Casimir;Gerbaulet, Clemens;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper analyzes the influence of wind turbines as new participants on prices and allocation within balancing markets. We introduce the cost-minimizing electricity sector model ELMOD-MIP, that includes detailed unit-commitment constraints, complex combined heat and power constraints, and minimum bid sizes for balancing capacity reservation. The model also features a novel approach of modeling balancing reservation by considering possible activation costs already during the reservation phase, mimicking the activation anticipation of market participants. The model includes the spot and balancing market of Germany and is applied to scenarios for 2013 and 2025. The results for 2025 show, in comparison to 2013, a price increase for positive and negative reserves, in case no new participants enter the market. With the participation of wind turbines the cost for balancing provision is reduced by 40%, but above 2013 values. The relative cost savings from wind participation are higher for negative reserve provision than positive reserve provision, as wind turbines can use their full capacity if not activated and do not have to be curtailed ex ante. The participation of wind turbines especially reduces the occurrence of peak prices for positive and negative reserves in 2025. This reduction effect occurs even with a relatively low share where wind turbines participate with only five percent of their capacity. Therefore, further fostering the process of allowing wind turbines to participate in the German reserve market seems favorable.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1655
%K Q42;Q47;Q48;C61;L94
%K Energieökonomik;Umwelt- und Ressourcenökonomik;Windenergie;Elektrizitätswirtschaft;Kraftwerk;Rückstellung
%0 Book
%8 29.03.2017
%M 9011905
%T The Cost Channel Effect of Monetary Transmission: How Effective Is the ECB’s Low Interest Rate Policy for Increasing Inflation?
%G Englisch
%D 2017
%P 38 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.555297.de/dp1654.pdf
%+ Dorothea Schäfer, Andreas Stephan, Khanh Trung Hoang
%A Schäfer, Dorothea;Stephan, Andreas;Hoang, Khanh Trung;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We examine whether monetary transmission during the financial and sovereign debt crisis was dominated by the cost channel or by the demand-side channel effect. We use two approaches to track down the potential passthrough of changes in the monetary policy rate to those in consumer prices. First, we utilize panel data from the German manufacturing industry. Second, we conduct time series analyses for Germany, Italy, and Spain. We find that when manufacturing firms’ interest costs drop, the changes in their respective industry’s price index are smaller one year later. This finding is consistent with the cost channel theory. Taken together, the results of both panel data and time series analyses imply that the ECB’s low interest rate policy has worked better for boosting inflation in Italy and Spain than in Germany
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1654
%K G01;E31
%K Geld und Finanzmärkte;Themenliste Geldpolitik;Inflation;Europäische Zentralbank;Geldpolitik;Niedrigzinspolitik
%0 Book
%8 27.03.2017
%M 9011891
%T Closing Routes to Retirement: How Do People Respond?
%G Englisch
%D 2017
%P 37 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.555101.de/dp1653.pdf
%+ Johannes Geyer, Clara Welteke
%A Geyer, Johannes;Welteke, Clara;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We present quasi-experimental evidence on the employment effects of an unprecedented large increase in the early retirement age (ERA). Raising the ERA has the potential to extend contribution periods and to reduce the number of pension beneficiaries at the same time, if employment exits are successfully delayed. However, workers may not be able to work longer or may choose other social support programs as exit routes from employment. We study the effects of the ERA increase on employment and potential program substitution in a regression-discontinuity framework. Germany abolished an important early retirement program for women born after 1951, effectively raising the ERA for women by three years. We analyze the effects of this huge increase on employment, unemployment, disability pensions, and inactivity rates. Our results suggest that the reform increased both employment and unemployment rates of women age 60 and over. However, we do not find evidence for active program substitution from employment into alternative social support programs. Instead employed women remained employed and unemployed women remained unemployed. The results suggest an increase in inequality within the affected cohorts.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1653
%K J14;J18;J22;J26
%K Arbeit und Beschäftigung;Demographie und Bevölkerung;Bevölkerungsökonomie;Behinderte;Behinderung;Regierungspolitik;Arbeitsangebot;Zeitallokation;Sicherheit;Unfall;Arbeitszufriedenheit;Soziales und Gesundheit;Rentenversicherung;Rentner;Rentenreform;Arbeitslosigkeit
%0 Book
%8 24.03.2017
%M 9011890
%T The Role of Aggregate Preferences for Labor Supply: Evidence from Low-Paid Employment
%G Englisch
%D 2017
%P 56 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.555019.de/dp1652.pdf
%+ Luke Haywood, Michael Neumann
%A Haywood, Luke;Neumann, Michael;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Labor supply in the market for low-paid jobs in Germany is strongly influenced by tax exemptions - even for individuals to whom these exemptions do not apply. We present compelling evidence that an individual's choice set depends on other workers' preferences because firms cater their job offers to aggregate preferences in the market. We estimate an equilibrium job search model which rationalizes the strong earnings bunching at the tax exemption threshold using German administrative data. We then simulate modifications to the tax schedule that remove the discontinuity and thus the bunching at the threshold. Results highlight the indirect costs of (discontinuous) tax policies which are shown to be reinforced by firm responses: Workers who would work anyway are hurt by subsidies benefiting groups who enter the market as a result of tax incentives.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1652
%K J64;J31;J22;J23
%K Arbeit und Beschäftigung;Arbeitslosigkeit;Arbeitssuche;Private Haushalte und Familien;Lohn;Lohnniveau;Arbeitsangebot;Zeitallokation;Arbeitsvertrag;Ungeschützte Beschäftigung
%0 Book
%8 14.03.2017
%M 9011852
%T Paid Parental Leave and Child Development: Evidence from the 2007 German Parental Benefit Reform and Administrative Data
%G Englisch
%D 2017
%P 55 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.554402.de/dp1651.pdf
%+ Mathias Huebener, Daniel Kuehnle, C. Katharina Spiess
%A Huebener, Mathias;Kuehnle, Daniel;Spieß, C. Katharina;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper examines the effects of a substantial change in publicly funded paid parental leave in Germany on child development and socio-economic development gaps. For children born before January 1, 2007, parental leave benefits were means-tested and paid for up to 24 months after childbirth. For children born thereafter, parental leave benefits were earnings-related and only paid for up to 14 months. Higher-income households benefited more from the reform than low-income households. We study the reform effects on children's language skills, motor skills, socio-emotional stability, and school readiness using administrative data from mandatory school entrance examinations at age six and a difference-in-differences design. We find no impact of the reform on child development and socio-economic development gaps. The effects are precisely estimated and robust to various model specifications and sample definitions. Our resultssuggest that such substantial changes in parental leave benefits are unlikely to impact children's development. These findings are consistent with recent studies showing that temporary unrestricted transfers and maternal part-time employment have a limited impact on parental investments in their children.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1651
%K J13;J18;J22;J24
%K Demographie und Bevölkerung;Private Haushalte und Familien;Arbeit und Beschäftigung;Bevölkerungsökonomie;Regierungspolitik;Zeitallokation;Humankapital;Qualifikation;Kinder;Eltern;Elternzeit;Reform;Eltern
%0 Book
%8 14.03.2017
%M 9011851
%T Don't Stop Me Now: The Impact of Credit Market Fragmentation on Firms' Financing Constraints
%G Englisch
%D 2017
%P 40 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.554394.de/dp1650.pdf
%+ Franziska Bremus, Katja Neugebauer
%A Bremus, Franziska;Neugebauer, Katja;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010 - 2014. We find that the decline in cross-border lending led to a deterioration in the borrowing conditions of small firms. In countries with more pronounced reductions in cross-border credit inflows, the likelihood of a rise in firms’ external financing costs has increased. This result is mainly driven by the interbank channel, which plays a crucial role in transmitting shocks to the real sector across borders.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1650
%K F34;F36;G15;G21
%K Geld und Finanzmärkte;Kreditversorgung;Finanzierung;Verflechtung;Finanzwirtschaft;Finanzmarkt;Themenliste Die Welt der Finanzmärkte;Bank;Bankenpolitik;Bankensystem;Kreditinstitut
%0 Book
%8 13.03.2017
%M 9011839
%T Macroeconomic Effects of Rental Housing Regulations: The Case of Germany in 1950-2015
%G Englisch
%D 2017
%P 25 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.554343.de/dp1649.pdf
%+ Konstantin A. Kholodilin, Julien Licheron
%A Kholodilin, Konstantin A.;Licheron, Julien;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Despite rather skeptical attitude of the economists toward the state intervention in the housing markets, the policy makers and general public typically are supporting it. As a result, in many European countries, since World War I the rent and eviction controls as well as social housing policies remain an important element of the government economic policies. Nevertheless, the macroeconomic effects of such regulations are largely unknown. In this paper, we evaluate the effects of government rental market regulations on real house prices, price-to-rent, and price- to-income ratios, real rents, and new housing construction in Germany in 1950_2015. The regulations are measured by the indices developed by the authors based on a thorough analysis of the legal acts issued mostly by the central government but also by the regional authorities between 1914 and 2015.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1649
%K C22;O18;R38
%K Bauen und Wohnen;Methodenforschung;Ökonometrie;Zeitreihenanalyse;Konjunktur, Wachstum, Wirtschaftsstruktur;Analyse;Entwicklung;Ländliche Entwicklung;Regierungspolitik;Makroökonomie;Mietpreis;Deutschland
%0 Book
%8 08.03.2017
%M 9011805
%T Central Bank Policy Rates: Are They Cointegrated?
%G Englisch
%D 2017
%P 16 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.554155.de/dp1648.pdf
%+ Guglielmo Maria Caporale, Hector Carcel, Luis A. Gil-Alana
%A Caporale, Guglielmo Maria;Carcel, Hector;Gil-Alana, Luis A.;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper analyses the stochastic properties of and the bilateral linkages between the central bank policy rates of the US, the Eurozone, Australia, Canada, Japan and the UK using fractional integration and cointegration techniques respectively. The univariate analysis suggests a high degree of persistence in all cases: the fractional integration parameter d is estimated to be above 1, ranging from 1.26 (US) to 1.48 (UK), with the single exception of Japan, for which the unit root null cannot be rejected. Concerning the bivariate results, Australian interest rates are found to be cointegrated with the Eurozone and UK ones, Canadian rates with the UK and US ones, and Japanese rates with the UK ones. The increasing degree of integration of international financial markets and the coordinated monetary policy responses following the global financial crisis might both account for such linkages.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1648
%K C22;C32;E47
%K Geld und Finanzmärkte;Finanzmarkt;Themenliste Geldpolitik;Themenliste Die Welt der Finanzmärkte;Zentralbank
%0 Book
%8 08.03.2017
%M 9011803
%T Long Memory and Data Frequency in Financial Markets
%G Englisch
%D 2017
%P 20 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.554142.de/dp1647.pdf
%+ Guglielmo Maria Caporale, Luis A. Gil-Alana, Alex Plastun
%A Caporale, Guglielmo Maria;Gil-Alana, Luis A.;Plastun, Alex;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper investigates persistence in financial time series at three different frequencies (daily, weekly and monthly). The analysis is carried out for various financial markets (stock markets, FOREX, commodity markets) over the period from 2000 to 2016 using two different long memory approaches (R/S analysis and fractional integration) for robustness purposes. The results indicate that persistence is higher at lower frequencies, for both returns and their volatility. This is true of the stock markets (both developed and emerging) and partially of the FOREX and commodity markets examined. Such evidence against the random walk behavior implies predictability and is inconsistent with the Efficient Market Hypothesis (EMH), since abnormal profits can be made using specific option trading strategies (butterfly, straddle, strangle, iron condor, etc.).
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1647
%K C22;G12
%K Geld und Finanzmärkte;Finanzmarkt;Themenliste Geldpolitik;Themenliste Die Welt der Finanzmärkte
%0 Book
%8 09.03.2017
%M 9011822
%T Identifying Speculative Demand Shocks in Commodity Futures Markets through Changes in Volatility
%G Englisch
%D 2017
%P 30 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.554177.de/dp1646.pdf
%+ Michael Hachula, Malte Rieth
%A Hachula, Michael;Rieth, Malte;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper studies the effects of financial speculation on commodity futures returns, using publicly available data from the US Commodity Futures Trading Commission, aggregated by trader groups. We exploit the heteroskedasticity in the weekly data to identify exogenous variation in speculators’ positions. The results suggest that idiosyncratic net long demand shocks of both index investors and hedge funds increase futures returns. They further indicate that these shocks are a relevant driver of returns, especially during periods of high speculative demand volatility. These findings confirm significant price effects of financial investments, complementing existing evidence based on disaggregated and proprietary daily data.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1646
%K Q02;G13;E39
%K Geld und Finanzmärkte;Finanzwirtschaft;Preispolitik;Konjunktur, Wachstum, Wirtschaftsstruktur;Konjunkturbewegung;Preis;Preisbewegung;Umweltökonomik;Natürliche Ressourcen;Umwelt- und Ressourcenökonomik
%0 Book
%8 27.02.2017
%M 9011739
%T Allais for the Poor: Relations to Ability, Information Processing and Risk Attitudes
%G Englisch
%D 2017
%P 34 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.553408.de/dp1645.pdf
%+ Tabea Herrmann, Olaf Hübler, Lukas Menkhoff, Ulrich Schmidt
%A Herrmann, Tabea;Hübler, Olaf;Menkhoff, Lukas;Schmidt, Ulrich;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper complements evidence on the Allais paradox from advanced countries and educated people by a novel investigation in a poor rural area. The share of Allais-type behavior is indeed high and related to characteristics of “lacking ability”, such as poor education, unemployment, and little financial sophistication. Based on prospective reference theory, we extend these characteristics by biased processing of probabilistic information. Finally, we reveal that Allais-type behavior is linked to risk-related characteristics, such as risk tolerance and optimism. This indicates a potential problem as exactly the more dynamic among the poor tend to make inconsistent decisions under uncertainty.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1645
%K D81;D3;O10
%K Entscheidungstheorie;Wissen;Persönlichkeit;Mikroökonomik;Konjunktur, Wachstum, Wirtschaftsstruktur;Wirtschaftsentwicklung;Wirtschaftswachstum;Feldforschung;Risikobereitschaft;Private Haushalte und Familien;Soziologie;Verhaltensforschung;Armut
%0 Book
%8 21.02.2017
%M 9011711
%T Is Socially Responsible Production a Normal Good?
%G Englisch
%D 2017
%P 12 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.553081.de/dp1644.pdf
%+ Jana Friedrichsen
%A Friedrichsen, Jana;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper uses a controlled laboratory experiment to investigate the effect of wealth on individual social responsibility (ISR), defined as choosing a more socially responsible product if a cheaper alternative is available. We find that rich consumers are significantly less likely to engage in ISR than poor consumers. This suggests that socially responsible production conditions may not be normal product attributes.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1644
%K M14;A13;J81;D03
%K Betriebswirtschaft und Unternehmensorganisation;Unternehmenskultur;Wirtschaftswissenschaft;Arbeit und Beschäftigung;Arbeitsbedingung;Mikroökonomik
%0 Book
%8 15.02.2017
%M 9011682
%T Judicial Behavior and Devolution at the Privy Council
%G Englisch
%D 2017
%P 43 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.552758.de/dp1643.pdf
%+ Sofia Amaral-Garcia, Nuno Garoupa
%A Amaral-Garcia, Sofia;Garoupa, Nuno;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In this article, we study judicial behavior at the Judicial Committee of the Privy Council (JCPC). British judges in general, and British high court judges in particular, are perceived to be independent and isolated from political pressure and interference. Furthermore, these judges tend to show a particularly high rate of consensus. This has led many scholars to consider that, contrarily to what holds for several other courts around the world (such as the US Supreme Court), the attitudinal model does not find support when British higher court judges are considered. In this paper we assess whether similar conclusions might be drawn from the JCPC, another British court of last resort. We create a unique dataset to study empirically decisions of the JCPC and investigate the extent to which judges exhibit different judicial behavior depending on the type of appeal being brought to the court, i.e., Commonwealth, devolution and domestic appeals. Our results indicate a higher polarization of judicial behavior in the context of devolution appeals (as measured by separate opinions). We discuss these results in the context of the comparative judicial behavior literature and the role of courts in the common law world (with particular reference to human rights).
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1643
%K K0
%K Methodenforschung
%0 Book
%8 09.02.2017
%M 9011656
%T Estimation of Structural Impulse Responses: Short-Run versus Long-Run Identifying Restrictions
%G Englisch
%D 2017
%P 12 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.552328.de/dp1642.pdf
%+ Helmut Lütkepohl, Anna Staszewska-Bystrova, Peter Winker
%A Lütkepohl, Helmut;Staszewska-Bystrova, Anna;Winker, Peter;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X There is evidence that estimates of long-run impulse responses of structural vector autoregressive (VAR) models based on long-run identifying restrictions may not be very accurate. This finding suggests that using short-run identifying restrictions may be preferable. We compare structural VAR impulse response estimates based on long-run and short-run identifying restrictions and find that long-run identifying restrictions can result in much more precise estimates for the structural impulse responses than restrictions on the impact effects of the shocks.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1642
%K C32
%K Methodenforschung;Zeitreihe;Zeitreihenanalyse
%0 Book
%8 09.02.2017
%M 9011657
%T Productive Efficiency and Ownership When Market Restructuring Affects Production Technologies
%G Englisch
%D 2017
%P 28 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.552332.de/dp1641.pdf
%+ Astrid Cullmann, Maria Nieswand, Julia Rechlitz
%A Cullmann, Astrid;Nieswand, Maria;Rechlitz, Julia;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X While the link between the ownership and productive efficiency of firms has been discussed extensively, no consensus exists regarding the superiority of one or the other in non-competitive, regulated environments. This paper applies a flexibleproduction model to test for efficiency differences associated with ownership types while allowing the production to adapt to market restructuring over time. Our empirical setting is based on a new, rich micro dataset of electricity distribution firms operating between 2006 and 2012 in Germany, where the energy transition enforces the adjustment of energy infrastructure. First, our results show that electricity distribution system operators adapted their production technologies over time. Second, there is no empirical evidence that public firms operated any less efficiently than private firms. The empirical findings are relevant to the (re)municipalization debate, which appears to have exaggerated the dichotomy between public and private utilities’ efficiency.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1641
%K L94;L51;L98
%K Energieökonomik;Elektrizitätsunternehmen;Elektrizitätswirtschaft;Wirtschaftsordnung und Wirtschaftspolitik;Regierungspolitik;Wettbewerbspolitik und Regulierung;Regulierung
%0 Book
%8 06.02.2017
%M 9011619
%T The Economics of Replication
%G Englisch
%D 2017
%P 23 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.552151.de/dp1640.pdf
%+ Frank Mueller-Langer, Benedikt Fecher, Dietmar Harhoff, Gert G. Wagner
%A Mueller-Langer, Frank;Fecher, Benedikt;Harhoff, Dietmar;Wagner, Gert G.;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Replication studies are considered a hallmark of good scientific practice. Yet they are treated among researchers as an ideal to be professed but not practiced. To provide incentives and favorable boundary conditions for replication practice, the main stakeholders need to be aware of what drives replication. Here we investigate how often replication studies are published in empirical economics and what types of journal articles are replicated. We find that from 1974 to 2014 less than 0.1% of publications in the top-50 economics journals were replications. We do not find empirical support that mandatory data disclosure policies or the availability of data or code have a significant effect on the incidence of replication. The mere provision of data repositories may be ineffective, unless accompanied by appropriate incentives. However, we find that higher-impact articles and articles by authors from leading institutions are more likely to be subject of published replication studies whereas the replication probability is lower for articles published in higher-ranked journals.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1640
%K A1;B4;C12;C13
%K Methodenforschung;Wissenschaftliche Methode;Wissenschaftliches Arbeiten;Wirtschaftswissenschaft;Wirtschaftswissenschaftliche Dogmengeschichte;Ökonometrie
%0 Book
%8 06.02.2017
%M 9011610
%T Effectiveness of Early Retirement Disincentives: Individual Welfare, Distributional and Fiscal Implications
%G Englisch
%D 2017
%P 30 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.552035.de/dp1639.pdf
%+ Timm Bönke, Daniel Kemptner, Holger Lüthen
%A Bönke, Timm;Kemptner, Daniel;Lüthen, Holger;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X In aging societies, information on how to reform pension systems is essential to policy makers. This study scrutinizes effects of early retirement disincentives on retirement behavior, individual welfare, pensions and public budget. We employ administrative pension data and a detailed model of the German tax and social security system to estimate a structural dynamic retirement model. We find that retirement behavior is strongly influenced by the level of disincentives. Further, disincentives come at the cost of increasing inequality and individual welfare losses. Still, net public returns are about three times as high as monetarized individual welfare losses. Our estimates also suggest that similar levels of net public returns, if achieved by indiscriminating pension cuts, are associated with individual welfare losses that are more than twice as high.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1639
%K C61;H55;J26
%K Öffentliche Finanzen und Finanzwissenschaft;Soziales und Gesundheit;Rentenreform;Gesetzliche Rentenversicherung;Rentenpolitik;Entscheidungstheorie
%0 Book
%8 01.02.2017
%M 9011583
%T No Gender Difference in Willingness to Compete When Competing against Self
%G Englisch
%D 2017
%P 35 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.551707.de/dp1638.pdf
%+ Coren L. Apicella, Elif E. Demiral, Johanna Mollerstrom
%A Apicella, Coren L.;Demiral, Elif E.;Mollerstrom, Johanna;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We report on two experiments investigating whether there is a gender difference in thewillingness to compete against oneself (self-competition), similar to what is found whencompeting against others (other-competition). In one laboratory and one online marketexperiment, involving a total of 1,200 participants, we replicate the gender-gap inwillingness to other-compete but find no evidence of a gender difference in the willingnessto self-compete. We explore the roles of risk and confidence and suggest that these factors can account for the different findings. Finally, we document that self-competition does noworse than other-competition in terms of performance boosting.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1638
%K C90;C91;J16;J71
%K Private Haushalte und Familien;Demographie und Bevölkerung;Geschlecht;Experiment;Wettbewerb
%0 Book
%8 06.02.2017
%M 9011609
%T Prosumage of Solar Electricity: Pros, Cons, and the System Perspective
%G Englisch
%D 2017
%P 33 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.552031.de/dp1637.pdf
%+ Wolf-Peter Schill, Alexander Zerrahn, Friedrich Kunz
%A Schill, Wolf-Peter;Zerrahn, Alexander;Kunz, Friedrich;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We examine the role of prosumage of solar electricity, i.e. PV self-generation combined with distributed storage, in the context of the low-carbon energy transformation. First, we devise a qualitative account of arguments in favor of and against prosumage. Second, we give an overview of prosumage in Germany. Prosumage will likely gain momentum as support payments expire for an increasing share of PV capacities after 2020. Third, we model possible system effects in a German2035 scenario. Prosumage batteries allow for a notable substitution of other storage facilities only if fully available for market interactions. System-friendly operation would also help limiting cost increases. We conclude that policymakers should not unnecessarily restrict prosumage, but consider system and distributional aspects.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1637
%K C61;Q42;Q48
%K Energieökonomik;Umwelt- und Ressourcenökonomik;Solaranlage;Elektrizität;Erneuerbare Ressourcen
%0 Book
%8 30.01.2017
%M 9011576
%T Bank-Specific Shocks and House Price Growth in the U.S.
%G Englisch
%D 2017
%P 26 S. : Anh.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.551501.de/dp1636.pdf
%+ Franziska Bremus, Thomas Krause, Felix Noth
%A Bremus, Franziska;Krause, Thomas;Noth, Felix;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper investigates the link between mortgage supply shocks at the banklevel and regional house price growth in the U.S. using micro-level data on mortgage markets from the Home Mortgage Disclosure Act for the 1990-2014 period. Our results suggest that bank-specific mortgage supply shocks indeed affect house price growth at the regional level. The larger the idiosyncratic shocks to newly issued mortgages, the stronger is house price growth. We show that the positive link between idiosyncratic mortgage shocks and regional house price growth is very robust and economically meaningful, however not very persistent since it fades out after two years.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1636
%K E44;G21;R20
%K Bauen und Wohnen;Makroökonomik;Kreditgewährung;Immobilienmarkt;USA
%0 Book
%8 31.01.2017
%M 9011581
%T Upstream Monopoly and Downstream Information Sharing
%G Englisch
%D 2017
%P 25 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.551646.de/dp1635.pdf
%+ Pio Baake, Andreas Harasser
%A Baake, Pio;Harasser, Andreas;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X We analyze a vertical structure with an upstream monopoly and two downstream retailers. Demand is uncertain but each retailer receives an informative private signal about the state of the demand. We construct an incentive compatible and ex ante balanced mechanism which induces the retailers to share their information truthfully. Information sharing can be profitable for the retailers but is likely to be detrimental for social welfare.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1635
%K D82;L13;L14
%K Wettbewerbspolitik und Regulierung;Oligopol;Netzwerk;Industrieökonomik;Monopol
%0 Book
%8 24.01.2017
%M 9011561
%T Who Cares about Social Image?
%G Englisch
%D 2017
%P 35 S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.550891.de/dp1634.pdf
%+ Jana Friedrichsen, Dirk Engelmann
%A Friedrichsen, Jana;Engelmann, Dirk;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X This paper experimentally investigates how concerns for social approval relate to intrinsic motivations to purchase ethically. Participants state their willingness-to-pay for both a fair trade and a conventional chocolate bar in private or publicly. A standard model of social image predicts that all increase their fair trade premium when facing an audience. We find that the premium is higher in public than in private only for participants who preferred a conventional over a fair trade chocolatebar in a pre-lab choice. This is captured by a generalized model where intrinsic preferences and the concern for social approval are negatively correlated.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1634
%K D03;C91;D12
%K Mikroökonomik;Konsumentenverhalten;Methodenforschung;Experiment;Laborversuche;Private Haushalte und Familien;Ethik
%0 Book
%8 19.01.2017
%M 9011551
%T Austerity, Inequality, and Private Debt Overhang
%G Englisch
%D 2017
%P 21, III S.
%Z Sb 89 Diskuss.
%F Mono
%F WP
%1 DIW2017
%U http://www.diw.de/documents/publikationen/73/diw_01.c.550621.de/dp1633.pdf
%+ Mathias Klein, Roland Winkler
%A Klein, Mathias;Winkler, Roland;;Deutsches Institut für Wirtschaftsforschung, DIW Berlin
%X Using panel data of 17 OECD countries for 1980-2011, we find that the distributional consequences of fiscal consolidations depend significantly on the level of private indebtedness. Austerity leads to a strong and persistent increase in income inequality during periods of private debt overhang. In contrast, there are no discernible distributional effects when private debt is low. This result is robust to alternative identifications of fiscal consolidations, to different ways of defining periods of private debt overhang, and to controlling for the state of the business cycle. We explore different channels through which our findings can be rationalized.
%C Berlin
%I DIW Berlin
%B Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung ; 1633
%K E62;E64;D63
%K Private Haushalte und Familien;Makroökonomie;Private Verschuldung;Finanzpolitik;Einkommensungleichheit;Haushaltskonsolidierung;Öffentliche Finanzen und Finanzwissenschaft;Panel;OECD-Staaten